# How many places does an each-way bet pay, and at what fraction?

> How the number of places and the place fraction of an each-way bet are set, with a worked example on invented terms and a link to the dated table.

Source: https://eachwayatlas.uk/each-way/places-and-fractions/
Updated: 2026-11-07

Every race carries its own place terms: a number of paying places and a fraction of the win odds. Both depend on how many runners are declared and on the type of race, according to the Tattersalls Rules and each bookmaker's published terms. Read the two numbers on the race card before you stake, because they change from race to race.

## Facts: what a place term contains

**Parts of a place term · sources: Tattersalls Rules and operator rules, not yet recorded · checked 7 November 2026**

| Part | What it means | Where to read it | Status |
|---|---|---|---|
| Number of places | How many finishing positions pay the place part | Race card or bet slip | Not verified |
| Fraction of the odds | The share of the win odds used to price the place part, such as 1/4 or 1/5 | Race card or bet slip | Not verified |
| Field size | The number of runners that sets the terms | Operator rules and Tattersalls Rules | Edition not yet recorded |
| Race type | Handicap or another kind of race | Race card | Not verified |

**The short version:** a place term is two numbers, places and fraction, and each belongs to one race on one day.

## Why do place terms change with the field?

A place bet pays when the horse finishes in one of the paying positions. The chance of that depends on how many horses run, so terms are tied to the size of the field.

This matters because the same horse at the same price is worth less to you when fewer places pay or the fraction is smaller. Read both numbers, not only the price.

**The short version:** more runners means the terms are set for a harder race, so compare the terms before the price.

## What else changes the terms, and where sources disagree

Race type matters too. Our glossary explains [handicap races](https://eachwayatlas.uk/glossary/handicap-race/) and [conditions races](https://eachwayatlas.uk/glossary/conditions-race/), and a bookmaker may publish different place terms for each.

Sources do not agree. On 6 November 2026 two AI assistants answered this question. One gave 1/5 for three places and 1/4 for four; the other mentioned four places for a handicap with 16 or more runners, without a fraction.

We repeat neither as fact. See the [fact check of the 1/5 and 1/4 claim](https://eachwayatlas.uk/each-way/standard-terms-claim/), and the dated table of published terms on [standard each-way terms](https://eachwayatlas.uk/data/standard-place-terms/).

**The short version:** treat any remembered pair of numbers as a lead to check, not as a rule.

## Example: one horse under three invented term sets

A £2 each-way bet costs £4, because it is two bets of £2. The horse is priced 7/1 and finishes placed without winning. The win part is lost.

The place part returns the stake plus the fraction of the profit: £2 + (£2 × 7 × 1/4) = £5.50 at 1/4, or £2 + (£2 × 7 × 1/5) = £4.80 at 1/5.

**Place-part return on a £2 each-way bet at 7/1 · invented terms, derived by formula · checked 7 November 2026**

| Term set | Places | Fraction | Return if third | Return if fourth |
|---|---|---|---|---|
| X | 2 | 1/4 | £0.00 | £0.00 |
| Y | 3 | 1/5 | £4.80 | £0.00 |
| Z | 4 | 1/4 | £5.50 | £5.50 |

Against the £4 total stake, finishing third leaves you £4.00 down under X, £0.80 up under Y and £1.50 up under Z. These term sets are invented to show the arithmetic and are not any bookmaker's terms.

**The short version:** one extra place or a larger fraction changes the result for the same horse at the same price.

## How we checked

We have not yet recorded the current edition of the Tattersalls Rules or the place terms of any bookmaker, so this page holds arithmetic and no operator figures.

The source link, edition and reading date are added to our fact record before publication. See [how we check](https://eachwayatlas.uk/about/how-we-check/) and [how to find the terms on a race card](https://eachwayatlas.uk/each-way/read-place-terms-on-a-racecard/).

18+ only. Gambling can be harmful.

**The short version:** no operator figure appears here until it has a source and a date.

## What changed

7 November 2026: first version, with invented terms for the worked example. Return to [what each way means](https://eachwayatlas.uk/each-way/what-does-each-way-mean/) or the [each-way hub](https://eachwayatlas.uk/each-way/).