In decimal odds, the place fraction applies to the profit, and the stake comes back on top.
Place price: (12.00 − 1) × 1/4 + 1
| Result | Returns | Profit |
|---|---|---|
| Wins | £157.50 | £137.50 |
| Places, does not win | £37.50 | £17.50 |
| Unplaced | £0.00 | −£20.00 |
A decimal price includes your stake: 12.00 is 11.00 profit plus the 1.00 you staked. At a quarter the odds, the place part pays a quarter of the 11.00, which is 2.75, plus the stake: 3.75.
Dividing 12.00 by four gives 3.00, because it divides the stake as well. That underpays the place part by 0.75 for every £1 staked.
Place price = (win price − 1) × place fraction + 1
Which fraction applies, and how many places pay, are the race's each-way terms.
| Win price | 1/4 | 1/5 |
|---|---|---|
| 7.00 | 2.50 | 2.20 |
| 13.00 | 4.00 | 3.40 |
| 26.00 | 7.25 | 6.00 |
| 51.00 | 13.50 | 11.00 |
| 101.00 | 26.00 | 21.00 |
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