If you’re new to betting on horse racing, you’re probably wondering how many places are paid out on an each-way bet?
The answer is the number of places varies depending on the number of runners and/or the type of race it is. However, bookmakers do have the option of offering enhanced each-way terms to make betting with them more attractive to punters.
Each-Way Betting On Horse Races With 2-4 Runners
If a horse race has two, three, or four runners, each-way betting is normally unavailable. This means bookmakers will only pay out on the winner of these types of races. The only time bookmakers would generally pay out each-way on the second and/or third or fourth horses is if you had placed an ante-post each-way bet on the race when the each-way place terms were two, three, or four places at the time you struck your bet.
If you place an each-way bet on a horse race with more than four runners, but non-runners reduce the field to four or less horses, your each-way bet will normally become a win-only bet. For example, if you had placed a £10 each-way bet, it would then become a £20 win bet on your selection.
Each-Way Betting On Horse Races With 5-7 Runners
In horse races where there are five, six, or seven runners, bookmakers will normally pay each-way on two places at ¼ odds. For example, if you had £10 each-way on a horse at 4/1 that finished first, you would have £10 win at 4/1 and £10 place at even-money (¼ of 4/1). If your horse wins, you would get back £70, including your stake. If your horse finished second, you would get back £20.
Each-Way Betting On Horse Races With 8-15 Runners
The standard each-way betting terms for a horse race with 8-15 runners are three places at 1/5 odds. But this only applies to races that aren’t handicaps. If the race is a handicap with 12-15 runners, the standard each-way term is three places at ¼ odds.
The reason for this is handicaps are generally more competitive than non-handicaps. Because of this, many bookmakers are also willing to offer enhanced each-way terms in these types of races. If you shop around, you’ll often get at least four places on races that might have 14 or 15 runners, but these are promotional terms not standard.
Bookmakers that typically offer these types of enhanced odds include but are not limited to Paddy Power, Bet365, and Sky Bet. *Always check the each-way terms of any horse race before placing your bet to make sure you’re happy with them.
Each-Way Betting On Horse Races With 16 Runners Or More
The standard each-way betting terms for a horse race with 16 or more runners are still three places at 1/5 odds. But if the race is a handicap with 16 runners or more, the standard each-way terms are four places at ¼ odds.
These races are also regularly targeted by bookmakers looking to used enhanced each-way place terms to attract punters to bet with them. Some bookmakers may offer five or more places, especially where there are significantly more than 16 runners. Prime examples of such races are often run at the big horse racing festivals such as Royal Ascot, Glorious Goodwood, the Cheltenham Festival, and Aintree’s Grand National Meeting.
In races such as the Grand National, which normally has a field-size of 40 runners, some bookmakers may even pay each-way on the first eight. But something you need to be careful of is, bookmakers can also decrease the fraction they pay these places at. For example, bookmakers offering eight on the Grand National may do so at 1/5 odds rather than the normal ¼ odds.
How Many Places Are Paid On An Each-Way Bet By On-Course Bookmakers?
If you’re going for a day at the races and are looking to bet each-way, make sure you check the each-way terms offered by the different on-course bookmakers. Many will offer the standard each-way terms but others may choose to offer enhanced odds.
Some on-course bookmakers have also been known to offer each-way terms that don’t comply with standard terms or are enhanced in any way. For example, some have been known to offer only 1/5 or 1/6 for four places on handicaps with 16 runners or more. They are in their right to do this, but all on-course bookmakers must have their each-way terms clearly displayed on their betting boards.
The reason some bookmakers do offer better these lower fraction terms is so they can offer better odds on the win bets. They do this to try and be competitive with betting exchanges such as Betfair to try and stop on-course punter betting on their mobile phones rather than with them.
How Many Places Are Paid On An Each-Way Bet By Betting Exchanges?
Betting exchanges tend to adhere to standard each-way betting terms on horse racing. But due to the competitiveness of the online betting markets, betting exchanges have the option to offer a variety of different markets to suit a variety of punters that are all trying to find value each-way angles into a race.
For example, Betfair may choose to offer three different each-way markets on a 30-runner handicap at Royal Ascot. They may offer ¼ odds four places, 1/5 odds 5 places, and 1/6 odds for six places. It’s then up to you to choose which of these options provides the best value for the selection you want to bet on.
The difference between these place terms may not sound much, but the payouts can be significantly different, especially on big-priced selections.
For example, if you had £10 each-way on a 60/1 shot that finished fourth, you would get back £160 at ¼ odds. But you would only get back £130 at 1/5 odds, and £110 at 1/6 the odds. But the reduced winnings is offset by the fact you would win nothing if your horse finished fifth or sixth.
Some bookmakers also offer more than one each-way market. That’s why we here at Betting Gods we always recommend you check the each-way terms carefully before placing your bets.
We hope that’s answered your question about how many places are paid on an each-way bet?