When placing an each-way bet, you’re of course backing your horse to win the race, as well as finish in the places.
Bookmakers will give you some winnings if your bet finishes in the places, but what are place terms?
Place terms are simply the odds you get for the place part of your bet and this can be in the each-way, or place only market.
The place terms are decided by just how many runners there are in the race as of course, the less horses, the more chance a horse has of finishing in the places and if there are lots of runners, it’s chances are decreased. Non-runners can also change the odds you get for a place finish.
So, this is how the place terms work from bookmakers in the UK for horse racing.
0-4 runners in the race – no each-way betting, only win-only bets accepted.
5-7 runners – ¼ of the odds for places 1 and 2.
8+ runners – 1/5 of the odds for places 1,2 and 3.
12-15 runners in handicaps only – ¼ of the odds for places 1, 2 and 3.
16+ runners in handicaps only – 1.4 of the odds for places 1, 2, 3 and 4.
It’s quite simple and easy to work out if you use this guide.
So, let’s say you put £5 each-way on a horse at 10/1 where there were nine runners. Your place terms would be 1/5 of the odds for the places 1, 2 and 3..
If it comes in second or third, your £5 bet on it to finish in the places has won and the odds you get are of course 2/1 (1/5th of 10/1). This means you have won £10 and will get your £5 winning stake back, making your total returns £15.
It’s always worth checking out the place terms for all the different bookmakers and some will even pay five, possibly six places on big races such as the Grand National.
Also, always check what fraction of the odds you’re getting if your horse finishes in the places. There’s plenty of money to be made from horses getting a place finish, so don’t miss out!