Win & Each Way Calculator

All TAB-licensed bookmakers in Australia (TABtouch, Betfair, Ladbrokes, Sportsbet, Betfair) display decimal (digital) odds as the primary format. Decimal odds show your total return per A$1 staked, including the stake itself. Odds of 5.00 mean a A$100 bet returns A$500 total (A$400 profit).

Fractional odds (e.g. 4/1, 7/2) express profit relative to stake. 4/1 means A$4 profit for every A$1 staked - equivalent to decimal 5.00. They are less common in Australia now but still appear in some British-sourced racing content and older form guides.

An Each Way bet is two equal bets: one for the horse to WIN, and one for it to PLACE (usually top 2, 3, or 4 depending on field size). The place part pays a fraction of the win odds. Under standard TAB rules: ¼ of win odds for fields of 8 or more runners, and ⅓ of win odds for fields of 5–7 runners.

Implied probability converts odds into a percentage chance of winning. Decimal 5.00 implies a 20% chance (1 ÷ 5.00 × 100). Because bookmakers include an overround (margin), the sum of all runners' implied probabilities in a race exceeds 100% - typically 110–120% in Australian TAB betting.

Place terms are set by the individual bookmaker or the TAB pari-mutuel pool. Common rules: 3 places for fields of 8–11 runners, 4 places for 12 or more runners. Smaller fields (5–7) typically pay 2 places. Always check place terms with your bookmaker before placing an EW bet.

The overround is the bookmaker's built-in margin, typically 5–15% on Australian TAB racing. It means the sum of implied probabilities across all runners exceeds 100%. To combat this, always compare odds across multiple licensed bookmakers - even a small improvement in odds compounds significantly across a season of betting.