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Each Way Value Calculator

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Find the "Thief" bets. Use this tool to check if the Bookmaker's Place Terms are offering more value than the real probability (Exchange Price).

Enter 10/1 as 11.0
Check Betfair/Smarkets "To Place" market

The "Bad Each Way" Strategy: Beating the Math

Bookmakers use a simple formula for Each Way bets (usually 1/5th of the odds). But in reality, a horse's chance of placing doesn't follow a simple formula.

The Golden Scenario: Imagine an 8-runner race with a very short-priced favorite (e.g., 1/2). Because the favorite takes up so much of the "Win" market, the other 7 horses have a huge chance of coming 2nd or 3rd. Often, the Bookmaker pays more for the place than the true probability suggests. This calculator finds those "Thief" bets.

How to interpret the results

  • • Green Edge (+): This is a Value Bet. The bookie is paying more than the exchange says the place is worth. Over time, these bets are mathematically profitable.
  • • Red Edge (-): This is Poor Value. The exchange price is higher than what the bookie pays. You are paying a premium to bet Each Way here. Stick to Win Only or avoid.

Complete Your Toolkit

Use the right tool for the right race:

Dutching Calculator → Lucky 15 Calculator → Odds Converter →

Disclaimer: This calculator compares implied probability against bookmaker terms. It is an educational tool. Honest John Tipster accepts no liability for losses. Always check live exchange liquidity before assuming a "True Price."