Each-Way Matched Betting Calculator
An each-way back bet is two bets, so covering it on an exchange takes two lays: one in the win market, one in the place market. Enter the bookmaker price, the place terms and the two exchange prices to get both lay stakes, the liability you need and the result in every finishing outcome — including what an extra place is worth.
Bookmaker (back) side
Total back outlay £20.00 (win part plus place part).
Place odds at these terms: 3.00
Exchange (lay) side
Lay Stakes and Results
- Win lay stake
- £9.18
- Place lay stake
- £9.43
- Win lay liability
- £101.00
- Place lay liability
- £20.75
- Exchange balance needed
- £121.76
Net result by outcome
- Selection wins−£1.76
- Places but does not win−£1.76
- Unplaced−£1.76
- Finishes in the extra place+£28.24
Qualifying cost −£1.76 on £20.00 staked (8.8% of the outlay). Exchanges accept stakes to the penny; rounding to whole pence moves each outcome by a few pence.
How the Each-Way Lay Works
The bookmaker settles an each-way bet as two separate singles of the same stake. The win part pays at the full price; the place part pays at the place odds, which apply the fraction to the profit only: place odds = 1 + (win odds − 1) × fraction. If those terms are new to you, the each-way calculator shows what each half returns on its own.
On the exchange the two parts are covered separately. The win part is laid in the win market and the place part in the place market, each with the standard formula: lay stake = back stake × back odds ÷ (lay odds − commission). Because each half is balanced on its own, the total is the same whatever happens — as long as the bookmaker and the exchange pay the same number of places.
Worked Example: £10 Each-Way at 10/1, 1/5 Terms
£10 each-way (£20 outlay) at 11.00, 1/5 odds, bookmaker paying five places. Exchange: win lay 12.00, place market (four places) at 3.20, 2% commission. Place odds are 1 + 10 × 0.2 = 3.00. Win lay: 10 × 11 ÷ 11.98 = £9.18, liability £101.00. Place lay: 10 × 3 ÷ 3.18 = £9.43, liability £20.75. You need £121.75 available on the exchange.
| Outcome | Bookmaker | Exchange | Net |
|---|---|---|---|
| Wins | +£100.00 win, +£20.00 place | −£101.00 win lay, −£20.75 place lay | −£1.76 |
| Places 2nd to 4th | −£10.00 win, +£20.00 place | +£9.00 win lay, −£20.75 place lay | −£1.76 |
| Unplaced | −£10.00 win, −£10.00 place | +£9.00 win lay, +£9.25 place lay | −£1.76 |
| Finishes 5th (extra place) | −£10.00 win, +£20.00 place | +£9.00 win lay, +£9.25 place lay | +£28.24 |
The Bookmaker and Exchange columns are rounded to the penny; the net column uses the unrounded lay stakes. Three of the four outcomes cost the same £1.76, the price of qualifying. Only the extra place changes the picture: the back place bet wins at the bookmaker and the place lay wins on the exchange, so the place half pays twice. The extra place is a single finishing position, so most of the time the result is the small loss, not the profit.
Four Checks Before You Place Anything
- Number of places on both sides. Read the exchange place market header (for example, 4 places) and the bookmaker terms on the slip. A mismatch is either the extra place you want or a position where both bets lose.
- Non-runners. A withdrawal can trigger a Rule 4 deduction at the bookmaker and can cut the places paid, while the exchange applies its own reduction factor. The two rarely net to zero.
- Liquidity in the place market. Place markets are thinner than win markets; a lay that is only part-matched leaves the rest of the place stake uncovered.
- Free bets settle differently. A free bet usually returns the profit without the stake, so the lay is sized differently; use the free bet calculator for that case.
When an each-way price is worth taking on its own merits, without a lay, is a different question: when to bet each-way covers the field-size and place-terms arithmetic.
Frequently Asked Questions
How do you lay an each-way bet?
An each-way bet is two bets, so it needs two lays on a betting exchange: one in the win market and one in the place market (often called To Be Placed). Each lay is sized from its own back price: the win lay from the win odds, the place lay from the place odds, which are 1 + (win odds − 1) × the place fraction. Laid this way, the result is the same whether the selection wins, only places or finishes unplaced.
What is the lay stake formula with commission?
Lay stake = back stake × back odds ÷ (lay odds − commission), with commission written as a decimal (2% = 0.02). For a £10 back at 11.00 laid at 12.00 with 2% commission: 10 × 11 ÷ 11.98 = £9.18. The liability you need in your exchange account is the lay stake × (lay odds − 1), here £101.00.
Why do the place terms have to match the exchange place market?
The exchange place market pays a fixed number of places, normally the standard terms for that race. If the bookmaker pays the same number, the two place bets cancel out. If the bookmaker pays one extra place, there is a finishing position where both your back place bet and your place lay win; if it pays fewer places, there is a position where both lose. Check the number of places on both sides before you place anything.
How does an extra place change the result?
Only one finishing position changes. If the selection finishes in the place the bookmaker added (for example 5th when the exchange pays 4), the back place bet is settled as a winner and the place lay is also a winner, while the win half settles as normal. In the worked example on this page that turns a £1.76 qualifying loss into a £28.24 profit. In every other position the result is the same small qualifying loss.