An each-way bet on the Grand National is two bets in one: a win bet and a place bet, each for the stake you choose. The win part pays if your horse finishes first. The place part pays a fraction of the odds if it finishes in one of the paid places. A £5 each-way bet therefore costs £10.
Checked: 23 October 2026. Terms below are the standard ones; bookmaker offers are announced closer to the race (Saturday 10 April 2027).
Standard Grand National each-way terms
With up to 34 runners the National is a handicap with 16 or more runners, and standard terms for that are four places at a quarter of the odds. So an each-way bet on a horse at 20/1 pays the place part at 5/1 (a quarter of 20/1) if it finishes first, second, third or fourth.
| Runners in a handicap | Places paid | Fraction of the odds |
|---|---|---|
| 16 or more (the Grand National) | 4 | 1/4 |
| 12 to 15 | 3 | 1/4 |
| 8 to 11 | 3 | 1/5 |
Each-way betting explained has the terms for every field size and more worked examples.
A worked example
£5 each way at 20/1, four places at 1/4 odds
Total stake: £10. This is a made-up example, not a tip.
- The horse wins: the win part returns £105 (£100 profit plus the £5 stake). The place part is settled at 5/1 and returns £30. Total return £135.
- The horse finishes second, third or fourth: the win part loses. The place part returns £30, a £20 profit on your £10 outlay.
- The horse finishes fifth or worse: both parts lose.
Extra places: more places, smaller fraction
Most bookmakers offer extra places on the Grand National, usually five, six or seven. The catch is that the extra places often come with a smaller fraction, one fifth instead of one quarter. That is better if your horse finishes in the extra places, and worse if it finishes in the first four.
At 20/1, for every £1 of place stake a placed horse returns £6.00 at a quarter and £5.00 at a fifth. So the smaller fraction costs £1.00 on every placed finish. The extra places only pay for it if your horse is often one of the ones that finishes just outside the first four.
| Horse priced at | Return on a £1 place stake: 4 places at 1/4 | Return: more places at 1/5 | Extra places win if the chance of finishing in them beats |
|---|---|---|---|
| 10/1 | £3.50 | £3.00 | 16.7% of its chance of a top-four finish |
| 20/1 | £6.00 | £5.00 | 20% of its chance of a top-four finish |
| 33/1 | £9.25 | £7.60 | 21.7% of its chance of a top-four finish |
| 50/1 | £13.50 | £11.00 | 22.7% of its chance of a top-four finish |
Read the last column like this: at 20/1, if you think a horse is more than 20% as likely to finish in the extra places as to finish in the first four, take the extra-place terms. If you think less, the standard four places at a quarter is better. The maths assumes the same odds with both offers; compare the odds as well.
What bookmakers pay: a 2026 snapshot
In April 2026 the big bookmakers advertised between four and seven places on the National. Press comparisons listed Betfred and Paddy Power at six places at a fifth of the odds and Ladbrokes at five, while some firms stayed at four. The 2027 terms are not out yet and they change every year: see how to compare the offers.
Non-runners, dead heats and early bets
- If your horse is a non-runner on the day, your stake is returned. If you bet ante-post, you lose the stake unless the bookmaker offered non-runner no bet.
- The terms that count are the ones when you placed the bet, so keep the slip or the confirmation.
- In a dead heat for a place, the stake on that part of the bet is divided.
New to the race? See how to bet on the Grand National.
18+ only. Tips are our opinion, not a promise: racing is unpredictable and losing runs happen. Stake only what you can afford to lose. Free, confidential help: BeGambleAware or GamCare on 0808 8020 133.
FAQs
What does each way mean in the Grand National?
An each-way bet is a win bet and a place bet of equal stakes on the same horse, so £5 each way costs £10. If the horse wins both parts pay. If it finishes in one of the paid places, only the place part pays, at a fraction of the odds.
How many places are paid each way in the Grand National?
The standard terms for a handicap with 16 or more runners are four places at a quarter of the odds. Most bookmakers offer extra places on the National, often five, six or seven, usually at a smaller fraction such as a fifth.
Is an each-way bet on the Grand National worth it?
The place part of a bet pays more than your whole each-way stake at any price bigger than 4/1 on quarter-odds terms, or 5/1 on fifth-odds terms, which covers almost every horse in the National. The real question is how likely your horse is to be placed: only four to seven of up to 34 runners can be.
Are extra places on the Grand National better than the standard terms?
Only if your horse is likely to finish in the extra places, because they usually come with a smaller place fraction. At 20/1, a fifth instead of a quarter costs £1 per £1 of place stake on every placed finish.