Grand National Each-Way Bet: Place Terms, Tips, and Payout Guide
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Forty Runners, One Massive Place Market
Every April, the Grand National does something no other race in the British calendar can match: it puts forty horses on the same start line and sends them over four miles and two furlongs of the most demanding fences in the sport. For the average punter, it is the one race of the year where each-way betting is not just an option – it is the default. The sheer size of the field and the unpredictability of the outcome make a straight win bet a shot in the dark, but an each-way bet gives you multiple paths to a return.
The National’s betting turnover alone has been estimated at over £200 million, with the race broadcast across six continents to approximately 600 million viewers. Racing continues to provide immense pleasure at all levels – and the National is the ultimate expression of that. But behind the spectacle, the each-way market on this race operates under specific place terms that every bettor should understand before staking a penny.
How Many Places Are Paid in the Grand National
Standard UK place terms for handicaps with 16 or more runners pay four places. The Grand National, with its field of 40 runners, comfortably exceeds that threshold. Under standard terms, you would receive four paid places at 1/4 or 1/5 of the win odds.
But the National is not a standard race from a bookmaker’s perspective. The volume of each-way money is so enormous that most major operators offer enhanced place terms – typically six, seven, or even eight paid places. Some firms have offered as many as ten places on the National in recent years. The place odds fraction varies: some pay 1/4 on all places, others drop to 1/5 on the extended places. The key is to check the specific terms of each bookmaker before placing your bet, because the difference between six places at 1/4 odds and eight places at 1/5 odds significantly affects your expected return.
With enhanced terms paying six or more places, the National becomes arguably the best each-way race of the year for sheer probability of collecting. Six places from a field of 40 means 15% of runners qualify for a place payout before you even factor in the high attrition rate. In most Nationals, between eight and fifteen horses fail to complete the course due to falls, unseats, or being pulled up. If twelve of the forty starters do not finish, six paid places from twenty-eight completers is more than one in five – a place probability that is hard to find anywhere else in UK racing at the odds the National offers.
Why the Grand National Is the Ultimate Each-Way Race
I have bet each-way on every Grand National since I started taking racing seriously, and I have yet to find another race where the structural conditions align so completely in favour of the each-way bettor.
The first factor is the odds range. In most Nationals, only two or three horses are priced below 10/1. The rest of the field stretches from 12/1 out to 66/1 or longer. Favourites in British racing win approximately 30 to 35% of the time across all race types, but the National sits at the extreme low end of that range. The race is so unpredictable that even strong favourites regularly finish outside the places. When the winning horse can be a 33/1 or 50/1 shot – and this happens regularly – the each-way market rewards anyone who has picked a horse capable of getting around safely and finishing in the first six or seven.
The second factor is attrition. The National’s fences are unique in British racing. Becher’s Brook, the Canal Turn, the Chair – these obstacles eliminate runners throughout the race. A horse does not need to be the best in the field to place; it needs to jump safely, stay on its feet, and maintain enough stamina to keep going over four miles. Many a plodder has placed in the National simply by staying upright while fancied rivals fell around it. This attrition tilts the each-way maths in your favour because it effectively reduces the number of competing runners without reducing the number of paid places.
The third factor is the each-way thief opportunity. With odds of 20/1 to 50/1 widely available and six or more places being paid, a place finish at 1/4 of the win odds produces a substantial return even when the win leg is lost. A 33/1 shot placing at 1/4 odds returns 33/4 = 8.25/1 on the place stake. On a £5 each-way bet (£10 total), a place return of £5 x 8.25 = £41.25 plus £5 stake = £46.25 more than covers the total outlay. That is the essence of the each-way thief approach applied to the one race where it works most reliably.
Grand National Payout Example: £5 Each-Way at 33/1
Numbers bring clarity, so let me walk through the full payout on a typical National each-way bet.
You back a horse at 33/1 each-way, £5 each way, with a bookmaker paying six places at 1/4 of the win odds. Total stake: £10.
Scenario one: the horse wins. Win leg pays £5 x 33 = £165 profit plus £5 stake = £170. Place leg also pays (the horse placed by winning): £5 x 33/4 = £5 x 8.25 = £41.25 profit plus £5 stake = £46.25. Total return: £216.25. Profit: £206.25.
Scenario two: the horse finishes in places two through six. Win leg loses: minus £5. Place leg pays: £5 x 8.25 = £41.25 profit plus £5 = £46.25. Total return: £46.25. Profit: £36.25.
Scenario three: the horse finishes seventh or worse, or fails to complete. Both legs lose. Total return: £0. Loss: £10.
The maths makes the case for each-way on the National clearer than words ever could. A place finish at 33/1 returns more than four times your total outlay, and a win returns more than twenty times. The place leg alone justifies the bet for any horse you believe has a realistic chance of completing the course and finishing in the first six or seven.
One final point: the National is also the race where disciplined place betting strategy meets its biggest test. The temptation is to back multiple horses each-way, and many punters do – three, four, five each-way bets on the same race. The maths still works if you are selective, but spreading too many each-way bets dilutes the advantage. I limit myself to two each-way selections maximum, chosen for their jumping ability and stamina profile rather than recent form on conventional tracks.
Do all bookmakers pay the same number of places on the Grand National?
No. Place terms on the Grand National vary significantly between bookmakers. While standard terms pay four places on any handicap with 16+ runners, most operators offer enhanced terms for the National – typically six, seven, or eight places. Some have offered as many as ten in recent years. The place odds fraction (1/4 or 1/5) also varies. Always compare the specific place terms offered by different bookmakers before placing your each-way bet on the National, as the difference can be worth multiple finishing positions.
Is an each-way bet on a Grand National favourite good value?
Rarely. The National’s unpredictable nature means even the shortest-priced horse in the field faces substantial risks from the fences, the distance, and the size of the field. Favourites at typical odds of 6/1 to 10/1 produce modest place returns relative to the risk, especially when each-way means doubling your stake. The each-way edge in the National is strongest at longer odds – 16/1 and above – where the place leg alone can return a significant multiple of your total outlay. If you fancy the favourite, a straight win bet is usually the more efficient use of your stake.
Created by the ”win Place bet Horse Racing” editorial team.
