# What does my horse racing bet pay?

Works out what a horse racing bet pays at odds such as 5-2: the return and profit for a win or each-way bet, the $2 payout and the chance the odds imply.

- Page: https://www.acalculator.org/game/horse-racing-calculator
- JSON spec: https://www.acalculator.org/game/horse-racing-calculator.json
- Version: 952e13d7213a

## Default answer

Example with the default inputs (Odds 5, Odds to 2, Stake $10.00, Bet Win, Result Won): A $10.00 bet at 5-2 returns $35.00, a profit of $25.00.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| a | Odds | The first number of the odds: 5 in 5-2. |
| b | Odds to | The second number of the odds: 2 in 5-2 (1 for odds such as 8-1). |
| stake | Stake | The amount bet; for each way, the amount on each of the two parts. |
| bet | Bet | A win bet, or an each-way bet (one bet to win and one to place). |
| terms | Place terms | The share of the odds the place part pays. |
| res | Result | Whether the horse won, placed (each way only) or lost. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| returns | Total return | Everything paid back, stake included. |
| profit | Profit | Total return − total stake. |
| total | Total stake | The stake, or twice the stake for each way. |
| twoDollar | $2 win payout | What a $2 win bet pays back at these odds: 2 × (a ÷ b + 1). |
| decimal | Decimal odds | a ÷ b + 1: the return for each 1 staked on a win. |
| implied | Implied chance | b ÷ (a + b): the chance of winning the odds imply. |

## Method

odds = a ÷ b; win return = stake × (odds + 1); each way: two stakes, the place part pays stake × (odds ÷ 4 or 5 + 1) when the horse wins or places; $2 payout = 2 × (odds + 1); implied chance = b ÷ (a + b).

## Assumptions

- Fixed odds: the price when you bet is the price paid. Pari-mutuel (tote) payouts change until the race starts.
- A win-only bet that places pays nothing.
- No dead heats, rule 4 deductions or betting tax.

## Worked examples

1. a = 5, b = 2, stake = $10.00, bet = win, res = won gives returns = $35.00, profit = $25.00, total = $10.00, twoDollar = $7.00, decimal = 3.5, implied = 28.571429%. Source: Wikipedia, Fixed-odds betting (fractional odds a/b: a profit of a for every b staked, the stake returned on a win), https://en.wikipedia.org/wiki/Fixed-odds_betting (retrieved 2026-10-05).
2. a = 10, b = 1, stake = $10.00, bet = ew, terms = 4, res = won gives returns = $145.00, profit = $125.00, total = $20.00. Source: Wikipedia, Glossary of bets offered by UK bookmakers: each way (two bets of equal stake, win and place; the place part pays a fraction, often 1/4 or 1/5, of the win odds), https://en.wikipedia.org/wiki/Glossary_of_bets_offered_by_UK_bookmakers#Each_Way (retrieved 2026-10-05).
3. a = 10, b = 1, stake = $10.00, bet = ew, terms = 5, res = placed gives returns = $30.00, profit = $10.00, total = $20.00. Source: Wikipedia, Glossary of bets offered by UK bookmakers: each way (two bets of equal stake, win and place; the place part pays a fraction, often 1/4 or 1/5, of the win odds), https://en.wikipedia.org/wiki/Glossary_of_bets_offered_by_UK_bookmakers#Each_Way (retrieved 2026-10-05).
4. a = 9, b = 2, stake = $2.00, bet = win, res = lost gives returns = $0.00, profit = -$2.00, twoDollar = $11.00, implied = 18.181818%. Source: Wikipedia, Fixed-odds betting (fractional odds a/b: a profit of a for every b staked, the stake returned on a win), https://en.wikipedia.org/wiki/Fixed-odds_betting (retrieved 2026-10-05).

## FAQ

### How do I work out a horse racing payout?

At odds a-b, a win returns stake × (a ÷ b + 1). $10 at 5-2 returns 10 × 3.5 = $35: $25 profit and your $10 back.

### What does a $2 bet pay at 5-2?

2 × (5 ÷ 2 + 1) = $7. The $2 payout is the number US tracks post, so 9-2 pays $11 and 8-1 pays $18.

### How does an each-way bet work?

Each way is two bets of the same stake: one to win and one to place. $10 each way costs $20. The place part pays a share of the odds, often 1/4 or 1/5, if the horse finishes in the places.

### What does $10 each way at 10-1 return?

At 1/4 odds, if the horse wins: 10 × 11 = $110 for the win part plus 10 × (2.5 + 1) = $35 for the place part, $145 in all. If it only places: $35.

### What chance do the odds imply?

b ÷ (a + b). 5-2 implies 2 ÷ 7 = 28.6%. The implied chances of every horse in a race add up to more than 100%: the difference is the bookmaker’s margin.

## Sources

- Wikipedia, Fixed-odds betting: fractional odds and the return of the stake. https://en.wikipedia.org/wiki/Fixed-odds_betting (retrieved 2026-10-05)
- Wikipedia, Glossary of bets offered by UK bookmakers: each way. https://en.wikipedia.org/wiki/Glossary_of_bets_offered_by_UK_bookmakers#Each_Way (retrieved 2026-10-05)