Each-way value calculator: is the price worth taking?

This each-way value calculator tells you whether a bookmaker’s each-way price is worth taking. It compares the bookmaker’s win and place odds with 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, especially when a bookmaker pays extra places. Looking at both parts together is the only fair test.

Each-way value calculator: 12/1 against exchange prices of 14.0 to win and 3.6 to place gives +2.0% value

Each-way value calculator

The short version

  • Win chance = 1 ÷ the exchange win price. Place chance = 1 ÷ the exchange place price.
  • Each part’s value = chance × (odds − 1) − (1 − chance).
  • The bet is value if the two parts add up to more than zero.

How to use the calculator

  1. Enter the bookmaker’s odds and each-way terms.
  2. Enter the exchange win price. The midpoint between the back and lay prices is the fairest.
  3. 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

A bookmaker offers 12/1, 1/4 odds, 4 places. The exchange has the horse at 14.0 to win and 3.6 to be placed in the top 4.

The win part is poor value: a 7.1% chance at 13.0 gives −7.1%. But the place part pays 4.0 for a 27.8% chance, which is +11.1%. Together the bet is worth +2.0%, about 40p on £20 staked.

What the result means

A positive figure is an average over many bets, not a promise. Most each-way value bets still lose, because the horse usually finishes unplaced. Exchange prices also move, so recheck them just before you bet.

If you want to remove most of the risk, the extra place calculator shows how to lay both parts on an exchange.

Related calculators and guides

18+ only. Betting should be fun, and every bet can lose. Set a budget you can afford to lose and stick to it. For free, confidential support, visit BeGambleAware.org or call the National Gambling Helpline on 0808 8020 133.

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