40/1 Odds – How To Work Out Your Bet

If you are considering making a bet at odds of 40/1 you may also be wondering how much you could win! The good news is that working out your bet at 40/1 is a relatively simple process and the maths remain the same no matter what currency you are using. The first number (40) is the amount you’ll win from wagering the second number (1). So for every £1 or $1 or €1 you spend, you will win 40 back.

For instance, a £1 winning bet at 40/1 will payout £40 (plus your £1 stake is returned). If you increase the stake to £2 you’ll get £80 back (plus £2 stake). And so on it goes, essentially multiplying the first number by the amount you wager.

40/1 is an exceptional return on a bet and if it comes in, you’re laughing. A horse with odds of 40/1 would be classed as an ‘Outsider’ or ‘Longshot’ and if the race has only a few runners then it’s statistically unlikely that you will win. Where it gets interesting is in the races with much bigger fields such as The Grand National or many of the Cheltenham Festival races that frequently have more than 20 runners. Not only will there plenty of choice for horses to back at bigger odds, they also have a better chance of winning or placing due to the large number of permutations that inevitably come with big races.

And this is where the each-way bet comes in handy. We’ve already established that 40/1 is a tough one to win but the chances of getting some money back increase when you place the bet each-way. While it’s not as easy to work out the winnings, it’s not impossible either so here goes. When you back a horse each way it can finish 1st and win or finish in 2nd, 3rd and in some races even 4th spot and this is called ‘Placing’. When you make an each-way bet you are putting half your money on the horse to win and the other half on a place. Each part of the each-way bet is an equal stake, e.g. a £1 Each Way bet will have £1 on the ‘Win’ and £1 on the ‘Place’ giving a total stake of £2.

Payout odds do vary so we will assume for the purposes of this piece that it’s a quarter odds. If the horse is ‘Placed’ which means it finishes in 2nd, 3rd or 4th you’ll get a quarter of the quoted odds – in this case, the quoted odds are 40/1 so you will be paid out at 10/1. A £1 each way bet (total cost £2) will win you £10 + £1 stake returned. However, you will lose the £1 part of the stake that was on the win.

If your horse finishes first you’ll win £40 (Win bet) + £1 (Stake) + £10 (Place bet at 1/4 odds) + £1 (Stake) so you will end up with £52 in your pocket.

So there you have it, 40/1 explained in simple terms, I’ve added a payout guide below for some common bets placed at 40/1. However, you can also use our online bet calculator to work out other odds and stake combinations.


£1 @ 40/1 = £40
£2 @ 40/1 = £80
£5 @ 40/1 = £200
£10 @ 40/1 = £400
£25 @ 40/1 = £1,000
£50 @ 40/1 = £2,000
£100 @ 40/1 = £4,000

40/1 EACH WAY BETS (2nd, 3rd or 4th Place)

£1 @ 40/1 = £10
£2 @ 40/1 = £20
£5 @ 40/1 = £50
£10 @ 40/1 = £100
£25 @ 40/1 = £250
£50 @ 40/1 = £500
£100 @ 40/1 = £1000

Amounts above do not include returned stakes and assumes the bet is settle each-way at a quarter odds.

If your each way bet wins the race you can add together the win bet column and place bet column to get the correct amount. For example, a £10 win at 40/1 pays £400 + £10 place at 40/1 pays out £100 giving you a total of £500 plus your £20 stake is returned.


Easy to follow guides for beating the odds & making smarter bets.

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