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There are two types of betting on a horse race: win and each way. A win bet involves backing a horse to win a race and if this does not happen the bet is lost.
Each-way betting involves backing a horse to win a race or be placed, and a place refers to the finishing position of a horse that does not win a race but finishes in the frame.
Customers can back a horse in the win market and each-way market. Bets are settled at reduced odds depending on the number of horses in a race and the type of race. Typically each-way bets are paid out on horses that finish second, third or fourth.
Every horse race has its own place terms which determine the number of places that apply for each way betting. Place terms are the number of places and odds at which each way or place only bets are settled. The place odds are smaller then the win odds.
Bookmakers advertise place terms, which could be affected by non-runners. If a horse is withdrawn the place terms can change and again this is dependent on the type of race and number of runners.
The place terms that apply to races in the UK are:
Bookmakers often offer enhanced place terms for the major races. These may involve in paying out on horses that finish in the first sixth, but the win odds are reduced to compensate for playing out more each way bets.