This each-way value calculator tells you whether a bookmaker’s each-way price is worth taking. It sets the bookmaker’s win and place odds against the chances implied by the betting exchange, then shows the expected value of each part.
Each-way bets often look poor on the win part but good on the place part, particularly when a bookmaker pays extra places, so judging both parts together is the only fair test.
Each-way value calculator
Key points
- Win chance = 1 ÷ the exchange win price, and place chance = 1 ÷ the exchange place price.
- Each part’s value = chance × (odds − 1) − (1 − chance).
- The bet is value when the two parts add up to more than zero.
Using the calculator
- Enter the bookmaker’s odds and each-way terms.
- Enter the exchange win price, ideally the midpoint between the back and lay prices.
- Enter the exchange place price for the same number of places the bookmaker pays. Betfair often runs extra place markets, such as “4 TBP” (to be placed), for big handicaps.
Worked example
Worked example
In a big-field handicap at Newbury, a bookmaker offers 16/1 on a horse called Silver Tannery, 1/4 odds and four places (prices for illustration only). The exchange has Silver Tannery at 19.0 to win and 4.4 to finish in the top four.
The win part is poor value: a 5.3% chance at 17.0 gives about −10.5%. The place part, though, pays 5.0 for a 22.7% chance, about +13.6%. Taken together the bet is worth roughly +1.5%, about 31p on £20 staked.
Reading the results
A positive figure is an average over many bets, not a promise. Most each-way value bets still don’t pay out, because the horse usually finishes outside the places. Exchange prices move too, so check them again just before you bet.
If you would like to take most of the risk out, the extra place calculator shows how to lay both parts on an exchange.
Related calculators and guides
- Extra place calculator
- Each-way calculator
- Expected value calculator
- Expected value betting explained (Lesson 4 out of 25 in the Masterclass)
- All betting calculators
18+ only. Betting should stay fun. Set a budget before you start, only bet what you can comfortably afford, and take a break whenever you need one. For free, confidential support, visit BeGambleAware.org or call the National Gambling Helpline on 0808 8020 133.