Appendix A · A.5
Each-way place terms
Standard each-way place terms: how many places pay, and at what fraction of the odds, by runner count and race type.
An each-way bet is two bets in one slip, a win half and a place half, and the place half's terms depend entirely on how many runners took part and whether the race was a handicap. The table gives the standard terms offered absent any bookmaker's promotional extra-places offer, which occasionally improves on these numbers and is worth reading before you strike the bet.
| Runners | Race type | Places paid | Fraction of the odds |
|---|---|---|---|
| 2 to 4 | Any | Win only | Not applicable |
| 5 to 7 | Non-handicap or handicap | 2 | 1/4 |
| 8 or more | Non-handicap | 3 | 1/5 |
| 8 to 11 | Handicap | 3 | 1/5 |
| 12 to 15 | Handicap | 4 | 1/4 |
| 16 or more | Handicap | 4 | 1/4 |
A worked example, the shape Chapter 11 used: £10 each way at 16/1, ten runners, not a handicap, so three places at a fifth of the odds. The place half runs at 16/5; a second or third pays £10 × (1 + 16/5) = £42, for a net £22 profit on the £20 struck, even though the half you were dreaming about lost. Win outright and both halves settle: £160 profit on the win half, £32 on the place half, £212 back in total.
None of the five tables above replaces the chapter that built them. They are the tear-out version, kept here so the arithmetic is never more than a page-flip away from the bet you are about to strike.
This is reference lifted from the book. The chapters are where the arithmetic gets built and argued for.
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