What are each way terms?

What are each way terms when placing a bet on the horses?

When placing an each way bet, you are of backing the horse to both win the race and to finish in the places. Effectively this is two separate bets.

By placing an each way bet if your horse doesn’t win but still finishes in the places you still recieve a return on the race.

Also some bookmakers price up a place only market.

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.

The odds you get for the place part of your bet, whether for an each-way bet or to be placed bet, are known as ‘place terms’.

For example:

You place £10 EW on a horse at 10/1, with place terms of 1/5. Your horse does not win, but places.

1. Apply the place terms, the odds for the horse become 1/5th of 10/1 = 2/1

2. Multiply the stake for the place portion of your stake (£5) by the new odds (2/1) = £10

3. Add the stake for the place portion (£5) to your winnings = £15

Total return: £15

Total profit: £5

What the place terms are and how many places are paid  generally depend on how many runners are in the race. The current industry standard is as shown below.

 Runners  Place Terms  No. Places Paid
 1 – 4  –  Win Only
 5 – 7  1/4 odds  1 and 2
 8+  1/5 odds  1, 2 and 3
 12 – 15
(handicap only)
 1/4 odds  1, 2 and 3
(handicap only)
 1/4 odds  1, 2, 3 and 4

Many bookmakers enhanced places as a special on some of the bigger handicaps and often you can get paid out on five or even six places in some races such as the grand national.

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