Each way terms by field size: how many places are paid

What are the standard each way terms in horse racing?

The standard terms are: four or fewer runners, win only; five to seven, two places at 1/4; eight or more non-handicap, three places at 1/5; handicaps of eight to eleven, three at 1/5; twelve to fifteen, three at 1/4; sixteen or more, four at 1/4.

These terms are used across British and Irish bookmakers for standard each way bets, and they apply to the place part of the bet only. The win part is always paid at the full odds. The table below is worth learning, because it tells you in seconds whether an each way bet on a particular race pays two, three or four places.

How many places are paid in a 16 runner handicap?

A handicap with sixteen or more runners pays four places at 1/4 of the odds, so a 12/1 shot that finishes fourth pays its place part at 3/1.

Big-field handicaps are where each way betting is most popular, because four places at a quarter of the odds is the most generous standard term. A £5 each way bet on a 12/1 shot finishing fourth returns £20 from the place part, a £10 profit on the £10 stake. If the field is only fifteen at the off, the terms drop to three places at 1/4 and the same horse in fourth is a loser.

Why do handicaps and non-handicaps pay different each way terms?

Handicaps pay better terms because the weights are designed to give every runner a similar chance, so placings are harder to predict, while in a non-handicap the better horses are usually clear of the rest.

In a twelve-runner maiden, two or three horses often dominate the market and the places. In a twelve-runner handicap, the handicapper has tried to bring the field together, so more horses have a realistic chance of placing, and the standard terms reflect that with a quarter of the odds rather than a fifth. The favourite figures on this page show the same effect from the other side: favourites win far less often in big fields.

What happens to each way terms when a race drops from 8 to 7 runners?

The terms change to two places at 1/4, because each way terms are set by the number of runners that start, so a horse that finishes third in a seven-runner race pays nothing on the place part.

This catches people out on busy days when late non-runners are announced. If you bet each way on a horse you expected to be placed in an eight-runner race, check the field size at the off. The fraction improves from 1/5 to 1/4, but the loss of the third place usually matters more. A Rule 4 deduction may apply on top if the withdrawn horse was short enough in the betting.

Can bookmakers offer better than standard each way terms?

Yes. For big races bookmakers often offer extra places, such as five, six or more places in the Grand National or big festival handicaps, as a promotion, and those terms apply only to bets struck with that bookmaker on those terms.

Extra places change the maths of each way betting, because a horse finishing fifth or sixth can still pay out. Read the terms shown on the bet slip rather than assuming the standard table applies.

How often does each set of place terms apply?

Field sizes vary by code and season, so how often each set of terms applies changes through the year, and the favourite figures by field size show how much harder big fields are to call.

The live figures on this page count races by field size. In the 2025/26 jumps season, 1,550 races had two to six runners and 517 had fifteen or more. Over ten seasons, favourites won 45.1% of jumps races with two to six runners and 27.6% with fifteen or more, which shows how much harder big fields are to call.

How do you work out the each way place price quickly?

Divide the win odds by the place fraction: at 1/5, 10/1 becomes 2/1 and 7/2 becomes 7/10; at 1/4, 10/1 becomes 5/2 and 9/1 becomes 9/4.

For fractional odds, multiply the right-hand number by five or four and keep the left-hand number. 11/2 at a fifth is 11/10; at a quarter it is 11/8. For decimal odds, subtract 1, divide by five or four, then add 1 back: 11.0 at a fifth is 3.0. If the place part pays less than evens, it will not cover the whole each way stake on its own.

• 20/1 at 1/4 = 5/1
• 12/1 at 1/4 = 3/1
• 10/1 at 1/5 = 2/1
• 8/1 at 1/5 = 8/5
• 5/1 at 1/4 = 5/4
• 4/1 at 1/5 = 4/5

Keep reading