A place bet is a bet, similar to a win bet, which only produces a return to the customer if the selection(s) finish the given event in a pre-agreed number of places. The number of places is set by the bookmaker offering the odds and is dependant on a number of factors for each event. If a place bet is taken on its own then a single price (odds) will usually be offered to the customer for the event, e.g. Red Rum @ 5/1 to place (1-5) in the Grand National would require the horse to finish in the first five places (1-5) for the customer to receive any return. As this is a place only bet the return is no greater should the selection win the event.
An each way bet is a combination of a win bet and a place bet and can be placed on either a single event (an each way single) or a number of events in a multiple bet. As the customer is placing two bets, although requesting only an each way bet, then the stake unit specified is doubled, e.g. a £5 each way single would cost £10 in total. In a simple each way single if the selection wins the event then the customer receives the winnings from the win part AND the place part of the bet, as the customer has paid forboth of these. If the selection only finishes in a place position then only the place part of the bet is a winner.
Each Way (Place Terms)
When placing an each way bet the place terms will usually be specified by the bookmaker, these usually take the form of a fraction of the advertised win odds which will be paid out should the selection finish in the specified places. For example, 1/4 1-2-3-4-5, would mean that the customer’s place part of an each way bet would be paid out (settled) at 1/4 of the advertised win odds. Place terms vary from event to event and will always be advertised by the bookmaker.
Place Terms (Horse Racing)
Horse racing is one of the few sports in which the place terms offered are predetermined, this is done by using the type of race and the number of runners in the actual race.
Number of Places
In addition to the odds shown above some bookmakers will also pay special place terms on certain events to attract customers. These will usually be either enhanced place terms, 1/4 instead of 1/5, or increased number of places, five places instead of four. Some bookmakers also offer a ‘1/4 Odds All Races’ as well. Increased place terms are available on many different types of sports and markets, not just horse racing.
Each Way – Win-To-Win/Place-To-Place
When settling a winning each way MULTIPLE BET the standard way to calculate the returns, unless otherwise specified, is ‘Win-To-Win/Place-To-Place’. This means that whatever returns are due from selection one ‘win bet’ will go on selection two to win, similarly, whatever returns are due from selection one ‘place bet’ will go on selection two to place. The outcome of this is that there can often be a higher proportion of money ‘running up’ on the win part of the bet than the place part. This is good for the customer if all selections win but works out worse should any fail to win, as only the place part of the bet has a chance to win.
Each Way – Equally Divided
As a consequence of the situation above seen in standard each way betting is is possible to specify on an each way multiple bet that you would like the bet settling EQUALLY DIVIDED. This means that whatever returns IN TOTAL are due from selection one are divided equally between an each way bet on selection two, rather than win/win -place/place. This works out better for the customer should they have placed selections in their bets as the extra win money is being split. Note: equally divided must specifically be requested when placing a bet, otherwise the bet will be settled as a standard each way bet.
Any To Come (ATC) (If Cash)
An ‘Any To Come’ bet, also known as ‘If Cash’, is a bet which is placed on selection one and then allows the customer to specify a condition for the second part of the bet. This allows the customer more flexibility than doing a simple ‘Win Double’ or ‘Each Way Double’ as the stake for the second part of the bet can be adjusted.
£10 Win – Sad Ken @ 100/1 – 3:30 Chepstow
ANY TO COME
£200 Win – Red Rum @ 33/1 – Grand National
In the example above if the customer was to do a win double and Sad Ken won they would have £1000 on Red Rum to win. With the Any To Come bet new bet instructions can be specified, in this case £200 win, which would mean the excess £800 from the first bet would be paid out whether Red Rum won or lost.