However, there is not a set in stone way for a punter to calculate the place odds as there is with an each-way bet, and the special place only odds offered by bookmakers can vary quite a bit, both bigger and smaller, from the place odds you would receive if betting each-way. This is particularly true in "bad each-way" races, where the place odds are much less generous than if you bet each-way. The upside to this however goes back to what was said above; since the punter does not have to "waste" half their stake on the win part of the bet.
However, there is no fixed formula for a punter to calculate place odds as there is with an each-way bet, and the special place-only odds offered by bookmakers can fluctuate significantly, both larger and smaller, compared to the place odds received if betting each-way. This is particularly true in "bad each-way" races, where the place odds are much less favorable than if you bet each-way.