# How do you work out each-way returns, step by step?

> Work out each-way returns in seven steps: stake, odds, win part, place part, dead heat and Rule 4, with six examples you can check by hand.

Source: https://eachwayatlas.uk/each-way/how-to-work-out-each-way-returns/
Updated: 2026-11-07

To work out an each-way return, double your unit stake to get the total cost, then price two equal bets: the win part at the full odds and the place part at the place fraction of those odds. Add the parts that win, take off any Rule 4 deduction from the winnings, and compare the total with your stake.

## What do you need before you start?

You need five figures, and all of them are on your bet slip: the unit stake, the odds, the place fraction, the number of places paid and, afterwards, where the horse finished.

Knowing why each one matters stops mistakes. The unit stake is what you typed in, but an each-way bet is two bets, so the amount leaving your account is double that figure.

**The short version:** write down the unit stake, the odds, the fraction and the places before you touch a calculator.

## What are the steps?

Follow the steps in order. Each one has a single job, and the example in brackets uses a £3 unit stake at 9/2 with a place fraction of 1/5.

1. **Write down the unit stake.** This is the stake on each part of the bet (£3).
2. **Double it to get the total cost.** The win part and the place part cost the same (£3 + £3 = £6).
3. **Convert the odds to a decimal.** For fractional odds, divide and add 1 (9/2 is 4.5, so the decimal odds are 5.5).
4. **Price the win part.** Unit stake × decimal odds (£3 × 5.5 = £16.50).
5. **Price the place part.** Unit stake × (1 + (decimal odds − 1) × place fraction) (£3 × (1 + 4.5 × 1/5) = £3 × 1.9 = £5.70).
6. **Choose the outcome.** A win pays both parts, a place pays only the place part, and an unplaced horse pays nothing. In a dead heat, divide the stake of the affected part by the number of horses sharing the position.
7. **Apply any Rule 4 deduction, then compare.** Multiply the winnings by (1 − deduction in pence ÷ 100), add back the stake of every part that won, and compare the result with the total cost.

**The short version:** a win pays both parts, a place pays one, and the total cost is always twice the unit stake.

## Which formulas does each step use?

The formulas are short, which is why you can check any bookmaker's settlement by hand. Here, O is the decimal odds, u is the unit stake and f is the place fraction.

- Total cost = 2 × u.
- Win part return = u × O.
- Place part return = u × (1 + (O − 1) × f).
- Winnings after Rule 4 = winnings × (1 − d ÷ 100), where d is the deduction in pence in the pound.

Return includes the stake of a winning part. Profit is the return minus the total cost, so a placed horse can still leave you with a small loss.

**The short version:** four formulas cover every case on this page, and a placed horse does not always show a profit.

## What do six worked examples look like?

Every row below uses the same bet: £3 each way at 9/2 (decimal 5.5) with a place fraction of 1/5, so the total cost is £6.00.

The place fraction and the dead-heat and Rule 4 figures are assumptions chosen for the arithmetic, not terms published by any bookmaker.

**Example: £3 each way at 9/2, place fraction 1/5 · calculated by Each-Way Atlas · 7 November 2026**

| Outcome | Working | Total return | Profit or loss |
|---|---|---|---|
| Horse wins | £3 × 5.5 = £16.50 plus £3 × 1.9 = £5.70 | £22.20 | +£16.20 |
| Horse places, does not win | Win part lost; place part £3 × 1.9 = £5.70 | £5.70 | −£0.30 |
| Horse unplaced | Both parts lost | £0.00 | −£6.00 |
| Dead heat for the win, two horses | Win stake £3 ÷ 2 = £1.50; £1.50 × 5.5 = £8.25 plus place part £5.70 | £13.95 | +£7.95 |
| Wins, Rule 4 of 10p in the £ | Winnings £16.20 × 0.90 = £14.58; add the £6.00 stake back | £20.58 | +£14.58 |
| Places, Rule 4 of 10p in the £ | Place winnings £2.70 × 0.90 = £2.43; add the £3.00 place stake back | £5.43 | −£0.57 |

The dead-heat row assumes the horse still holds a paying place, so the place part is not shared.

**The short version:** the same bet can return £22.20, £5.70, £0.00, £13.95, £20.58 or £5.43 depending on the finish and the deduction.

## How do a dead heat and Rule 4 change the sum?

A dead heat shares the stake of the affected part between the horses involved. Rule 4 is a deduction from winnings when a horse is withdrawn, quoted in pence in the pound.

Both rules have exact wording that can differ by bookmaker and by race. We have not yet recorded the current Tattersalls Rules text or the settlement rules of two bookmakers, so the treatment above is Not verified until we do.

Read the rules page of the bookmaker you use before you rely on the figures here.

**The short version:** treat our dead-heat and Rule 4 rows as a method, and check the wording in the operator's own rules.

## Which mistakes catch people out?

Three errors account for most wrong sums. Each is easy to spot once you know to look.

- Counting the unit stake as the total cost. The bet slip shows both parts, so the cost is doubled.
- Applying the place fraction to the stake instead of to the profit on the odds.
- Forgetting that a placed horse returns the place stake, so the return can be below the total cost.

For the effect of different place terms on one race, see [how to compare bookmakers' each-way terms](https://eachwayatlas.uk/bookmakers/how-to-compare-each-way-terms/). To test your own numbers, use the [each-way returns calculator](https://eachwayatlas.uk/each-way/each-way-returns-calculator/).

**The short version:** check the cost, apply the fraction to the profit on the odds, and remember a place can still lose money.

## How did we check these examples?

We worked each row by hand from the formulas above and re-added the parts. The arithmetic is ours and carries no bookmaker data. Checked 7 November 2026.

Where a rule depends on a bookmaker or a rule book, we say Not verified rather than guess. Read the [checklist before you bet](https://eachwayatlas.uk/each-way/before-you-bet-each-way-checklist/) and the [guide to place terms on a racecard](https://eachwayatlas.uk/each-way/read-place-terms-on-a-racecard/) next.

18+ only. Gambling can be harmful.

**The short version:** the sums are ours and can be checked; the rules behind dead heats and deductions still need a source.