A mathematical model with a defined scope
The each-way tool models an ordinary cash single with equal win and place stakes. It covers a win, a place-only result, a loss and a full cash void of both parts. It does not infer race terms or apply deductions, concessions, promotional-stake rules or accumulator settlement.
Money and rounding
Stakes are accepted to the nearest penny. Total-stake mode requires an equal split in whole pence. The entered stake is limited to £100,000, and profit odds are limited to 1,000,000/1. Calculations use exact fractions internally; each returned part is rounded to whole pence, with half pennies rounded up, before the parts are added. The operator’s actual rounding policy can differ.
Probability is not a prediction
The converter uses the reciprocal of decimal odds. It does not model an event, remove a market’s margin or recommend a bet.
Sources and editorial checks
References describe the scope of the explanation; they do not imply endorsement or verify every operator’s current rules. We keep mathematical assumptions separate from operator-specific conditions.
- Sky Bet: how to calculate returns — ordinary return arithmetic and an each-way example.
- Sky Bet: each-way bets — the win/place split and equal stakes.
- Betfair: betting help — decimal, fractional and American odds as equivalent price formats.
References checked on . Check the terms that apply to the particular bet when using the result. See each-way betting explained and betting odds explained for the worked examples built on these assumptions.
Corrections
If you find an error, include the page address and a non-personal example. Use the contact information when available. Please do not send passwords, account numbers or bet-slip images.