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.