In this guide
How many places each way: the UK bookmakers we checked pay two to four places by field size and race type, at 1/4 or 1/5 odds, unless extra places apply. 18+.
In short: races of five to seven runners pay two places at 1/4; non-handicaps with eight or more runners pay three at 1/5 (Ladbrokes and Coral say more than eight); handicaps pay three at 1/5 (8 to 11 runners), three at 1/4 (12 to 15) or four at 1/4 (16 or more). With two to four runners there is no place part at all. These were the standard terms in the help pages of Paddy Power, Sky Bet, bet365, William Hill, Ladbrokes and Coral. Checked against the terms of Paddy Power, Sky Bet, bet365, William Hill, Ladbrokes and Coral on 27 October 2026.
This guide explains each line of that table, what the fraction means for your returns, how non-runners and Rule 4 change things, and how an extra place offer rewrites the terms, sometimes by cutting the fraction. A worked example shows when that trade is worth it.
The standard UK each-way terms
Each-way terms have two parts: how many places are paid, and what fraction of the win odds the place part pays. Both depend on how many horses run and whether the race is a handicap. The table below is the wording of Paddy Power, Sky Bet, bet365 and William Hill. Checked against the terms of Paddy Power, Sky Bet, bet365 and William Hill on 27 October 2026.
- 2 to 4 runners, any race: win only. The place stake goes on to win.
- 5 to 7 runners, any race: 2 places at 1/4 the odds.
- 8 or more runners, non-handicap: 3 places at 1/5 the odds.
- 8 to 11 runners, handicap: 3 places at 1/5 the odds.
- 12 to 15 runners, handicap: 3 places at 1/4 the odds.
- 16 or more runners, handicap: 4 places at 1/4 the odds.
Ladbrokes and Coral print the same lines but word the non-handicap line as "more than 8 runners"; read literally, it does not say what an eight-runner non-handicap pays, so check the race's terms. Checked against Ladbrokes' and Coral's terms on 27 October 2026. A racecard writes the terms in shorthand: "1/4 1-2-3" means a quarter of the odds for finishing first, second or third.
Why do handicaps pay more? In a handicap the weights are set to bring the horses together, so the result is harder to call and a horse is less likely to place. A bigger field works the same way, so the terms get more generous as the field grows.
What the fraction means for your returns
An each-way bet is two bets of the same stake: one to win and one to place. A £10 each-way bet costs £20. The place half pays at reduced odds, worked out as place odds = 1 + (win odds − 1) × fraction, in decimal odds.
- A 10/1 horse is 11.0 in decimal.
- At 1/4 the odds, the place part pays 1 + 10 × 1/4 = 3.50, so a £10 place bet returns £35.
- At 1/5 the odds, it pays 1 + 10 × 1/5 = 3.00, so the same bet returns £30.
If the horse wins, both halves pay: at 1/4 the odds that is £110 from the win part plus £35 from the place part, £145 back from a £20 outlay. If it only places, you lose the win stake and collect the place return. Our extra place calculator guide shows the same sum with lay bets added.
Races with 2 to 4 runners
With four or fewer runners there are no places to pay, so the bookmakers in the table treat the place stake as a second win stake. Paddy Power says that in races of less than five runners all place stakes are treated as win stakes. Checked against the terms of Paddy Power, Sky Bet, bet365, William Hill, Ladbrokes and Coral on 27 October 2026. A £5 each-way bet in a four-runner race is, in effect, a £10 win bet. It wins or loses as one bet.
This matters most when non-runners shrink a small field. A five-runner race that loses one horse drops from two places to none, and the place half of your bet changes with it.
How non-runners change the places
The table is applied to the horses that actually run, not to the declared field. bet365 counts the runners that come under starter's orders, William Hill the horses that took part, and Ladbrokes and Coral say bets placed after final declarations use the actual number of runners. Checked against the terms of bet365, William Hill, Ladbrokes and Coral on 27 October 2026.
- An eight-runner non-handicap that loses one horse becomes a seven-runner race: 2 places at 1/4 instead of 3 at 1/5.
- A 16-runner handicap that loses one horse becomes a 15-runner race: 3 places at 1/4 instead of 4.
- A 12-runner handicap that loses one becomes an 11-runner race: still 3 places, but at 1/5 instead of 1/4.
How a bet struck before the withdrawal is settled varies by bookmaker and by offer. bet365, for one, says an Each Way Extra bet is void if the number of runners is equal to or less than the number of places offered when the bet was placed. Checked against bet365's terms on 27 October 2026. Check the bookmaker's current terms before you rely on a place that depends on every horse turning up.
Rule 4 deductions
When a horse is withdrawn late, after the market has formed, the remaining runners had a better chance than their prices said. Bookmakers correct for this with a Rule 4 deduction: a cut from your winnings, in pence in the pound, scaled to how short the withdrawn horse was. Your stake is not touched. Checked against the terms of Paddy Power and Coral on 27 October 2026.
- Say you have £10 each-way at 10/1, 3 places at 1/4, and a 10p Rule 4 applies.
- Your horse wins. Win profit £100 becomes £90; place profit £25 becomes £22.50.
- You get back £132.50 (£20 of stakes plus £112.50) instead of £145.
Several withdrawals can stack. Paddy Power and Coral capped the total deduction at 90p in the pound. Checked against Paddy Power's and Coral's terms on 27 October 2026. For how each bookmaker sets the deduction, check the bookmaker's current terms.
How extra places change the terms
An extra place offer pays more places than the table, but some bookmakers cut the fraction at the same time. Three real examples:
- Ladbrokes listed races at "1/5 the odds 1-2-3-4 (enhanced from 1/4 the odds 1-2-3)": four places instead of three, with the fraction cut from 1/4 to 1/5. The same race fell back to standard terms if ten or fewer ran. Checked against Ladbrokes' terms on 27 October 2026.
- With bet365's Each Way Extra you choose more places and take a lower price, or fewer places at a bigger price. Checked against bet365's terms on 27 October 2026.
- Paddy Power and Sky Bet both say that in extra place races they may pay five or six places at 1/5 in a handicap of 16 or more, instead of four at 1/4, and that it is up to you to check. Checked against Paddy Power's and Sky Bet's terms on 27 October 2026.
So read the whole term line, not just the number of places. The free list of today's extra place races shows which races have extra places and how many places each bookmaker pays.
Why the fraction drop matters: a worked example
Take a 12-runner handicap. The standard terms are 3 places at 1/4. A bookmaker offers 4 places at 1/5 instead. You back a 10/1 horse £10 each-way. The win half is the same either way; only the place half changes:
- Horse finishes 1st, 2nd or 3rd: the place part returns £35 on standard terms and £30 on the extra place terms. You are £5 worse off.
- Horse finishes 4th: the place part loses £10 on standard terms and returns £30 on the extra place terms. You are £30 better off.
- Horse finishes 5th or worse: no difference.
The trade pays when the chance of finishing 4th, times £30, beats the chance of a top-three finish, times £5. That is when the 4th-place chance is more than a sixth of the top-three chance.
- A horse with a 30% chance of a top-three finish and a 10% chance of 4th: 0.10 × £30 − 0.30 × £5 = +£1.50 a bet in favour of the extra place.
- The same horse with only a 4% chance of 4th: 0.04 × £30 − 0.30 × £5 = −£0.30. The standard terms were better.
These chances are illustrations, not measurements. The pattern holds, though: the fraction cut costs you on every placed horse, and the extra place only repays it if 4th is a realistic finish.
How matched bettors use the gap
Matched bettors look at extra places from a different angle. They back the horse each-way, then lay the win and the place on a betting exchange, whose place market usually pays the standard number of places. Checked against Betfair Exchange's terms on 27 October 2026. Every result then costs a small, known amount, the qualifying loss, except a finish in the extra place, where both the bookmaker bet and the place lay pay out.
The full method is in extra place matched betting, step by step, and the each-way basics are in each way matched betting explained. The fraction cut from the example above still bites: a lower fraction means lower place odds, a bigger gap to the exchange price and a bigger qualifying loss. Mistakes, price moves, voids and account restrictions can all cost money too.
Grand National and other big handicaps
The Grand National is a handicap with a big field, so on standard terms it pays the 16-plus line: 4 places at 1/4 the odds. Several bookmakers we checked may pay extra places on big handicaps like it; the number and the fraction vary from one bookmaker to the next and can change on the day. Checked against the terms of Paddy Power, Sky Bet and Betfred on 27 October 2026. Check each bookmaker's terms on the day of the race rather than relying on last year's.
Find extra place races faster
Comparing term lines across a dozen bookmakers by hand takes time, and the field can change before the off. Our free list of today's extra place races shows the races and the places each bookmaker pays. On 27 October 2026 it included bet365, Paddy Power, Sky Bet, William Hill, Ladbrokes, Coral, Betfred, Unibet, Virgin Bet, Betfair Sportsbook, BetVictor, 888sport and BetUK. Innovision Labs Extra Places alerts watch bookmaker and exchange prices for runners in extra place races and tell you by e-mail, web push or Discord when the back and lay prices are close enough to meet your implied odds setting. They help you find close prices faster; they do not make a bet win, and you place every bet yourself. One Pro plan covers Extra Places, 2UP and B90.
How many places does each way pay?
Two places with five to seven runners, three in a non-handicap of eight or more, and three or four in a handicap depending on field size. With four or fewer runners the bet is win only. Extra place offers pay more, sometimes at a lower fraction. Checked against the terms of Paddy Power, Sky Bet, bet365, William Hill, Ladbrokes and Coral on 27 October 2026.
How many places for each way bet in a handicap?
Three places at 1/5 with 8 to 11 runners, three at 1/4 with 12 to 15, and four at 1/4 with 16 or more. The count uses the horses that run, so non-runners can move a race down a line. Checked against the terms of Paddy Power, Sky Bet, bet365, William Hill, Ladbrokes and Coral on 27 October 2026.
What do each way terms mean?
They tell you how many places pay and at what fraction of the win odds. "1/5 1-2-3-4" means the place half pays a fifth of the odds if the horse finishes in the first four.
How many places each way in the Grand National?
On standard terms, four places at 1/4 the odds, as for any handicap with 16 or more runners. Some bookmakers we checked may pay extra places on big handicaps; the number and the fraction vary, so check each one on the day. Checked against the terms of Paddy Power, Sky Bet and Betfred on 27 October 2026.
Safer betting
18+ only. Bookmakers and exchanges can change their offers and terms at any time. Always check the current terms on their site before you bet. Matched betting reduces risk but does not remove it: mistakes, price moves and voided bets can cause losses. Only bet what you can afford to lose. Please gamble responsibly. For free, confidential support visit GambleAware.org or call the National Gambling Helpline on 0808 8020 133. Our safer betting page.
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