Each Way Value & EV Calculator

Each-Way Value & EV Calculator — Why This Tool Matters

Each-way betting is one of the most misunderstood areas of horse racing. Bookmakers deliberately structure their place terms to hide where the real value is, and most punters have no idea whether the place part of an each-way bet is good, bad, or outright terrible. This calculator solves that completely. By entering the odds, place terms and your own honest assessment of the horse’s chances, it instantly reveals the true expected value (EV) of the win leg, the place leg, and the full each-way bet.

It breaks the bet down mathematically — showing you whether the bookmaker is underpricing or overpricing the place part, whether extra places actually help you, and whether your selection offers long-term profit or long-term loss at the given terms. In short, this tool turns guesswork into analysis. It helps you stop backing bad each-way bets, identify hidden value, and bet with the confidence of someone who truly understands the numbers behind racing.

How to Use This (In 4 Simple Steps)

  1. Enter the total each-way stake
    (e.g. £20 EW = £10 win + £10 place)
  2. Enter the win odds and place terms
    Choose from 1/4, 1/5 or extra-place options — the tool adjusts automatically.
  3. Enter your win % and place % estimate
    These don’t need to be perfect — they just need to reflect how YOU see the race.
  4. Click Calculate
    You’ll instantly see:
    • Win EV
    • Place EV
    • Total EV
    • Fair odds
    • Break-even percentages
    • A clear verdict (+EV, –EV or neutral)

Each-Way Value & EV Calculator DCR analysis engine

This tool helps you work out whether an each-way bet is value based on your own view of the horse’s chances. Enter the odds, place terms and your estimated win and place probabilities, and it will calculate the expected value (EV) of the win leg, the place leg and the total each-way bet. Odds can be fractional (for example 10/1) or decimal (for example 11.0).

1. Stake and odds

This is the full stake including both win and place parts (for example £20 EW = £10 win + £10 place).

2. Place terms

For extra-place races, select the total number of places paid.

3. Your view of the horse’s chances

Your honest estimate of how often this horse wins the race.
Chance the horse finishes in any of the paid places, including winning.
Win leg EV (£)
£0.00
0.00% of total stake
Place leg EV (£)
£0.00
0.00% of total stake
Total EW EV (£)
£0.00
0.00% of total stake
Overall verdict
No calculation yet.
Fair win odds (decimal)
N/A
Break-even win %: N/A
Fair place odds (decimal)
N/A
Break-even place %: N/A
How to interpret this:
Positive EV means that, based on your own win and place estimates, the each-way bet is mathematically in your favour. Negative EV means that, over the long term, this type of bet would lose money at the given odds and terms if your probabilities are accurate.