# Each-way returns calculator

> Calculate what an each-way bet or free bet returns if the horse wins, places, loses or a Rule 4 deduction applies, with the formulas and six examples.

Source: https://eachwayatlas.uk/each-way/each-way-returns-calculator/
Updated: 2026-11-07

This calculator works out what an each-way bet returns if the horse wins, places, loses or is hit by a Rule 4 deduction. Return is the win part, unit stake × decimal odds, plus the place part, unit stake × (1 + (decimal odds − 1) × fraction). Example: £5 each way at 5/1 and 1/4 costs £10 and returns £41.25 on a win.

## Calculator

Enter the unit stake, the odds, the place fraction and the outcome, then choose Calculate. Choose Reset to clear the form.

The inputs are the unit stake in pounds, the odds as a fraction or a decimal, the place fraction, the bet type (ordinary or free bet with the stake not returned) and the outcome.

The optional inputs are the Rule 4 deduction in pence in the pound and, for a free bet, the win limit in pounds and the days left to use it.

Odds must look like 5/1 or 6.0.

If the tool does not load, the formulas and the six examples below give the same answers. Choose Show the working to see each line of the sum.

**The short version:** the page works without the tool, because the formulas and examples are written out in full.

## How is the result worked out?

O is the decimal odds, u is the unit stake, f is the place fraction, d is the Rule 4 deduction in pence in the pound and k is the number of horses sharing a dead heat.

- Win part = u × O.
- Place part = u × (1 + (O − 1) × f).
- Profit after Rule 4 = profit × (1 − d ÷ 100).
- A free bet with the stake not returned pays only the profit, capped at the win limit.
- Free-bet winnings multiplied by any wagering multiplier give the amount still to be wagered; a multiplier of 0 means none.
- After the number of days allowed, the free bet is void and the result is zero.
- In a dead heat, the stake of the affected part is divided by k.

The place fraction options 1/4 and 1/5 are assumptions for the arithmetic, not terms published by a bookmaker. Check the real terms on the slip.

**The short version:** every result comes from the formulas above, with no hidden adjustments.

## What do six examples show?

Examples 1 to 4 use a £5 each-way bet at 5/1 (decimal 6.0) with a place fraction of 1/4, so the total cost is £10.00.

Examples 5 and 6 use the same bet as a free bet with the stake not returned and an assumed win limit of £25.

**Example: £5 each way at 5/1, place fraction 1/4 · calculated by Each-Way Atlas · 7 November 2026**

| No. | Case | Working | Result |
|---|---|---|---|
| 1 | Wins | £5 × 6.0 = £30.00 plus £5 × 2.25 = £11.25 | Return £41.25, profit £31.25 |
| 2 | Places | Place part only: £5 × 2.25 | Return £11.25, profit £1.25 |
| 3 | Unplaced | Both parts lost | Return £0.00, loss £10.00 |
| 4 | Wins, Rule 4 of 20p in the £ | Profit £31.25 × 0.80 = £25.00, plus the £10.00 stake | Return £35.00, profit £25.00 |
| 5 | Free bet wins, limit £25 | Profit £31.25 is above the limit | Payable £25.00 |
| 6 | Free bet places only | Place profit £5 × 5 × 1/4 = £6.25; the win part pays nothing | Payable £6.25 |

Example 1 matches the example in the first paragraph of this page, and none of these figures is a prediction or a bookmaker's offer.

**The short version:** the same stake returns between nothing and £41.25 depending on the finish.

## What do typical values look like?

The table shows what the place part returns for each £1 of unit stake at different odds and fractions. It is arithmetic from the place-part formula, using assumed fractions.

**Place-part return per £1 unit stake · calculated by Each-Way Atlas · 7 November 2026**

| Odds (decimal) | Fraction 1/4 | Fraction 1/5 |
|---|---|---|
| 3/1 (4.0) | £1.75 | £1.60 |
| 5/1 (6.0) | £2.25 | £2.00 |
| 10/1 (11.0) | £3.50 | £3.00 |

A smaller fraction pays less on the place part at every price, and the gap grows as the odds lengthen.

**The short version:** moving from 1/4 to 1/5 cuts the place part by £0.50 per £1 at 10/1.

## When is the result wrong?

The result is wrong when the real settlement rules differ from the formulas. Check these cases before you rely on a figure.

- The bookmaker's terms differ from the fraction you entered.
- The bookmaker rounds in a different order, so the pennies differ.
- A dead heat or a deduction is settled under rules we have not yet checked: Not verified.
- A free bet has conditions beyond the ones entered here.

Read the terms on your slip, and use the [step-by-step guide to each-way returns](https://eachwayatlas.uk/each-way/how-to-work-out-each-way-returns/) to see why each line is there.

Before you bet, run through the [ten checks](https://eachwayatlas.uk/each-way/before-you-bet-each-way-checklist/), and to compare two bookmakers see [how to compare each-way terms](https://eachwayatlas.uk/bookmakers/how-to-compare-each-way-terms/). The tool is for working out sums, not for choosing a bet. 18+ only. Gambling can be harmful.

**The short version:** the slip and the bookmaker's rules decide your actual return, not this page.