Place terms
Place terms are how many places an each-way bet pays and the fraction of the win odds it pays them at.
The standard terms
The terms are set by the number of runners and whether the race is a handicap, not by the horse. That is where each-way value betting finds its edge.
| Race | Places paid | Fraction |
|---|---|---|
| 2 to 4 runners | Win only | None |
| 5 to 7 runners | 2 places | 1/4 |
| 8+ runners, non-handicap | 3 places | 1/5 |
| 8 to 11 runners, handicap | 3 places | 1/5 |
| 12 to 15 runners, handicap | 3 places | 1/4 |
| 16+ runners, handicap | 4 places | 1/4 |
Bookmakers can pay more places than these on races they promote. Those are extra place races, and their terms can differ between bookmakers.
1/4 vs 1/5 terms
A horse at 13.00 is backed £5 each-way, £10 in total, and finishes third.
1/4 terms
Place price 4.00. The place part returns £20, a £10 profit on the bet.
1/5 terms
Place price 3.40. The place part returns £17, a £7 profit on the bet.
The gap grows with the price. On a £5 place part it is £1 at 5.00 and £8.25 at 34.00.
The each-way calculator works out the place price at any odds.
Further reading
See the value for £1
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