# How does each-way betting work on ante-post markets?

> On ante-post markets the places and fraction are fixed when you bet, while a withdrawn horse is handled by the operator's rule. Wording, example and risks.

Source: https://eachwayatlas.uk/each-way/ante-post-each-way/
Updated: 2026-11-07

On ante-post markets the places and the fraction are fixed when you place the bet, and what happens if the horse is withdrawn is decided by the operator's own rule. The stake can be returned or lost, so read the ante-post terms before you bet weeks ahead of a race.

## Facts: what is fixed and what is not

**Ante-post each-way terms · source: operator ante-post rules, not yet recorded · checked 7 November 2026**

| Item | Position | Status |
|---|---|---|
| Number of places | Fixed when you place the bet | Operator wording not verified |
| Place fraction | Fixed when you place the bet | Operator wording not verified |
| Horse withdrawn | Stake returned or lost, as the operator's rule states | Not verified |
| Rule 4 deduction | Whether it applies is stated in the operator's terms | Not verified |

**Ante-post wording by operator · candidates, licence to be confirmed · checked 7 November 2026**

| Operator | Withdrawn horse | Places and fraction | Date read |
|---|---|---|---|
| bet365 | Not verified | Not verified | Not verified |
| Sky Bet | Not verified | Not verified | Not verified |
| William Hill | Not verified | Not verified | Not verified |

**The short version:** ante-post fixes the terms early and leaves the withdrawal risk with the bet.

## Why are ante-post terms different?

The race is a long way off, so the bookmaker cannot know the field. It therefore states the terms that apply to your bet when you place it, and states separately what happens to a horse that does not run.

This matters because a bet that looks like the day-of-race bet may settle differently. Compare with [non-runners and Rule 4](https://eachwayatlas.uk/each-way/non-runners-and-rule-4/), which covers day-of-race bets.

**The short version:** an early bet carries a risk that a day-of-race bet does not.

## What is the risk of losing the stake?

If the operator's rule treats a withdrawn horse as a loser, the stake is lost even though the horse never ran. If the rule returns the stake, the bet is void for that horse. See [void bet](https://eachwayatlas.uk/glossary/void-bet/) and [ante-post](https://eachwayatlas.uk/glossary/ante-post/).

We cannot say which rule an operator uses until we have read it. The wording differs between bookmakers, so find it before you stake and keep a copy.

**The short version:** the withdrawal rule is the line to read on any ante-post bet.

## Example: £2 each way at 20/1, placed early

The bet costs £4. Suppose the terms fixed at the time are a place fraction of 1/4 and the horse is placed without winning. The place part returns £2 + (£2 × 20 × 1/4) = £12.00, a profit of £8.00 against the £4 stake.

If the horse is withdrawn instead, the result depends on the operator's rule: £4.00 returned, or a loss of £4.00. The figures are invented and carry no event's real terms.

**The short version:** the same bet can return £12.00, £4.00 or nothing, depending on the horse and the rule.

## Where do big events fit in?

Ante-post markets open early for big races, and our event page for the [Grand National 2027](https://eachwayatlas.uk/racing/grand-national-2027/) explains the rules in context. We do not name horses or give tips on any event.

Whether a race will pay extra places is a separate question, covered under [places and fractions](https://eachwayatlas.uk/each-way/places-and-fractions/).

**The short version:** event pages explain the rules and never pick horses.

## How we checked

The ante-post rules of at least three operators are Not verified as of 7 November 2026. We will add their wording, URL and reading date, and any change is listed in the change log. See [how we check](https://eachwayatlas.uk/about/how-we-check/).

18+ only. Gambling can be harmful.

**The short version:** operator wordings are still to be recorded.

## What changed

7 November 2026: first version, with invented figures. Return to the [each-way hub](https://eachwayatlas.uk/each-way/).