What are standard each-way terms?
By contrast to a win bet, an each-way bet is effectively two bets. The first bet is on the horse to win and the second is on the horse to be placed or, in other words, to finish in one of the place positions specified in the each-way terms for the race in question. Of course, if your horse finishes first, you’ll collect on both bets but, if your horse finishes second, or possibly third or fourth, you may still collect on your place bet. The each-way, or place, terms not only specify the number of places paid, but also the fraction of the win odds at which your place bet will be paid out if your horse finishes in one of those places.
Each-way terms usually depend on the number of runners in a race and, in larger fields, whether or not the race is a handicap. Races with four or fewer runners are ‘win only’ or, in other words, the only place paid is first place. In races with between five and seven runners, first and second places are paid, at one quarter of the win odds. In races of eight or more runners, first, second and third places are paid, at one fifth of the win odds. However, in handicap races, and only in handicap races, with between twelve and fifteen runners, first, second and third are paid, at one quarter of the win odds. Similarly, in handicap races with sixteen or more runners, first, second, third and fourth place are paid, at one quarter of the win odds.