How an each-way lay works
An each-way bet is two bets of equal stake. The win part pays only if the horse wins. The place part pays if the horse finishes in any place the bookmaker pays, at a fraction of the win odds. A £10 each-way bet therefore costs £20.
You cover each part with its own lay. Lay the win part in the exchange win market. Lay the place part in the exchange place market. Each lay is a normal qualifying lay, the same as in the standard matched betting calculator. The place part uses the bookmaker's place odds:
place odds = 1 + (win odds − 1) × place fraction
At 11.0 and 1/5 odds, the place odds are 1 + 10 × 1/5 = 3.0. The calculator works this out for you.
Where the profit comes from
An each-way lay on its own is only a qualifying bet with a small loss. The profit comes from an extra-place offer: the bookmaker pays more places than the exchange place market. Say the bookmaker pays 5 places and the exchange pays 4. If the horse finishes 5th, three things happen at the same time:
- The bookmaker pays your place part.
- Your win lay wins, because the horse did not win.
- Your place lay wins, because the exchange does not pay 5th.
The example in the calculator uses a £10 each-way bet at 11.0, 1/5 odds, 5 places, with lays at 12.0 and 3.4 on an exchange that pays 4 places at 2% commission. It loses about £2.30 in every result except 5th, where it wins about £27.70. The break-even chance is about 7.7%, so the bet pays over time only if the horse finishes 5th more often than about 1 race in 13.
That is the honest shape of extra-place betting. Most bets lose a little. A few win a lot. You need enough bets for the average to show, and enough cash for the variance. A run of 10 or 20 losing bets is normal.
Standard UK each-way terms
These are the usual terms for UK horse racing. A bookmaker can pay more places or a better fraction on a race, and that is the whole point of an extra-place offer. Always read the terms on the race itself before you bet.
| Race | Places | Fraction |
|---|---|---|
| 2 to 4 runners | Win only | — |
| 5 to 7 runners | 2 places | 1/4 |
| 8 or more runners | 3 places | 1/5 |
| Handicap, 12 to 15 runners | 3 places | 1/4 |
| Handicap, 16 or more runners | 4 places | 1/4 |
Checks before you place the bets
- Read the exchange place market rules. The rules tab states how many places it pays. If it pays as many places as the bookmaker, there is no extra place.
- Check that both lays are on the same horse and the same race. Use the race time and the horse name, not only the number.
- Watch for non-runners. If the field drops, the standard places can drop with it. The exchange place market can change its number of places too. Read the bookmaker's own rule for the offer.
- Know that deductions differ. A late non-runner can bring a Rule 4 deduction at the bookmaker and a reduction factor at the exchange. They do not always match to the penny.
- Lay the win part first if prices move fast. An unlaid win part is the biggest exposure. If the horse wins with no win lay, you can lose much more than the qualifying loss.
Risks to know
- Variance. Extra-place betting has positive expected value only on average. It is not a locked profit like a sign-up free bet.
- Liability. The win lay on an outsider needs a large exchange balance. The example needs over £120 at the exchange for a £20 bet.
- Account restrictions. Bookmakers can limit accounts that only bet each-way on extra-place races. Read our guide to gubbing.
Where to use it
- William Hill extra places: a step-by-step guide to one daily offer.
- Horse racing matched betting: the racing offers that need this calculator.
- Advanced strategies: each-way matching in the BetBoffins course.
Each-way calculator FAQ
How do you lay an each-way bet?
An each-way bet is two bets of the same stake: one to win and one to place. Lay the win part in the exchange win market and the place part in the exchange place market. Each lay is worked out like a qualifying bet. The place part uses the bookmaker's place odds, which are the win odds minus one, times the place fraction, plus one.
Where does the profit come from on an extra-place bet?
The bookmaker pays more places than the exchange place market. If the horse finishes in a place that only the bookmaker pays, your place bet wins and both lays also win. In every other result you take a small qualifying loss. So most extra-place bets lose a little, and a few win a lot.
What does the break-even chance mean?
It is the chance of the horse finishing in the extra place at which the bet breaks even over many races. If you think the real chance is higher, the bet has positive expected value. The calculator also gives a rough chance from the exchange prices, so you can compare the two.
What are standard UK each-way terms?
For most UK horse races: 5 to 7 runners pay 2 places at 1/4 odds. 8 or more runners pay 3 places at 1/5. Handicaps with 12 to 15 runners pay 3 places at 1/4, and handicaps with 16 or more pay 4 places at 1/4. Bookmakers can offer better terms, so always read the terms on the race itself.