Smart bettors use insurance. Markets like Each-Way (Horse Racing/Golf) and Draw No Bet (Football) allow you to get your stake back or win a partial amount if your selection doesn’t win outright.
However, “safer” bets usually have lower payouts. This calculator analyzes the Expected Value (EV) of the entire ticket to see if the insurance is mathematically worth the cost.
How to Use the Calculator
Select your bet type mode:
Mode A: Draw No Bet (DNB)
Used in Football (Soccer). If the match ends in a Draw, your stake is refunded.
- Input: Stake, Win Odds, Win Probability, and Draw Probability.
- Math: The calculator treats the Draw as a “Push” (0 profit, 0 loss) and calculates EV based only on the Win vs. Loss scenarios.
Mode B: Each Way (EW)
Used in Racing. Your stake is doubled: half on “Win”, half on “Place” (finishing Top 3 or 4).
- Place Terms: Enter the fraction (e.g., 1/4 or 1/5) offered by the bookie.
- Place Probability: Your estimated chance of the horse finishing in the money.
- Result: The tool sums up the EV of the Win part and the Place part to give a Total Ticket EV.
Example: Is DNB Better than Double Chance?
You want to back an underdog, Crystal Palace, against Man City.
- DNB Odds: 5.00 (Refund on Draw).
- Double Chance (1X): 3.50 (Win on Draw).
If you believe there is a high chance of a Draw, Double Chance offers better EV because you get paid. If you think a Draw is unlikely but want insurance against it, DNB offers significantly higher upside if Crystal Palace actually wins.
Frequently Asked Questions (FAQ)
What does “1/4 odds for top 3 places” mean?
It means if your horse finishes 2nd or 3rd, the “Place” part of your bet pays out at one-quarter of the main win odds. For example, if the Win odds are 9.00, the Place odds are (8 / 4) + 1 = 3.00.