Each-way terms. Edition of 2026-09-12.
8 of the 49 races run on Sat 12 Sept had their terms changed
We read Paddy Power’s published each-way terms once an hour, from the morning before the race. This is the record for the races run on Sat 12 Sept: 49 UK and Irish races, 8 changes to the place terms, and 12 races paying above the bookmaker’s own ladder. 5 were seen before race day and 3 on the day. A further 39 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 8 term changes, 3 happened at the same moment the field changed, so those may be the field crossing a step of the ladder rather than a decision about the offer.
3 races lost a place. Every one of them followed a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.
When the place terms moved
| Seen at | Race | Places | Fraction | Field |
|---|---|---|---|---|
| Fri 11 Sept, 09:00 UTC | Bath 15:45 | 3 → 4 | 1/4 → 1/5 | 14 |
| Fri 11 Sept, 09:00 UTC | Chester 15:50 | 3 → 4 | 1/5 | 13 |
| Fri 11 Sept, 09:00 UTC | Bath 17:05 | 3 → 4 | 1/4 → 1/5 | 16 |
| Fri 11 Sept, 09:00 UTC | Bath 17:37 | 3 → 4 | 1/4 → 1/5 | 16 |
| Fri 11 Sept, 09:00 UTC | Musselburgh 19:20 | 3 → 4 | 1/4 → 1/5 | 15 |
| Sat 12 Sept, 08:00 UTC | Bath 13:20 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Sat 12 Sept, 13:00 UTC | Leopardstown 16:25 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Sat 12 Sept, 13:00 UTC | Lingfield 17:47 | 2 → 1 | 1/4 → win only | 7 → 6 |
The day and hour are when we saw the change, not when it was made: we read on the hour, so a change shown at 10:00 happened some time after 09:00.
Every race that day
| Race | Field | Places | Fraction | House ladder |
|---|---|---|---|---|
| Doncaster 13:10 | 12 | 3 | 1/5 | 3 |
| Bath 13:20 (terms moved) | 9 | 2 | 1/4 | 2 |
| Chester 13:30 | 8 | 2 | 1/4 | 2 |
| Leopardstown 13:35 | 12 | 3 | 1/5 | 3 |
| Lingfield 13:38 | 7 | 2 | 1/4 | 2 |
| Doncaster 13:45 | 7 | 2 | 1/4 | 2 |
| Bath 13:55 | 7 | 2 | 1/4 | 2 |
| Chester 14:05 above ladder | 13 | 4 | 1/5 | 3 |
| Leopardstown 14:10 above ladder | 19 | 5 | 1/5 | 4 |
| Lingfield 14:13 | 11 | 3 | 1/5 | 3 |
| Doncaster 14:20 above ladder | 23 | 6 | 1/5 | 4 |
| Bath 14:30 | 14 | 3 | 1/5 | 3 |
| Chester 14:40 | 10 | 3 | 1/5 | 3 |
| Leopardstown 14:45 | 11 | 3 | 1/5 | 3 |
| Lingfield 14:49 | 10 | 3 | 1/5 | 3 |
| Doncaster 14:55 | 10 | 3 | 1/5 | 3 |
| Bath 15:08 | 12 | 3 | 1/5 | 3 |
| Leopardstown 15:15 | 12 | 3 | 1/5 | 3 |
| Chester 15:20 | 11 | 3 | 1/5 | 3 |
| Lingfield 15:23 | 11 | 3 | 1/5 | 3 |
| Doncaster 15:35 | 13 | 3 | 1/5 | 3 |
| Bath 15:45 above ladder (terms moved) | 13 | 4 | 1/5 | 3 |
| Chester 15:50 above ladder (terms moved) | 12 | 4 | 1/5 | 3 |
| Leopardstown 15:55 | 11 | 3 | 1/5 | 3 |
| Lingfield 16:00 | 12 | 3 | 1/5 | 3 |
| Musselburgh 16:07 | 10 | 3 | 1/5 | 3 |
| Doncaster 16:15 above ladder | 19 | 5 | 1/5 | 4 |
| Bath 16:20 | 10 | 3 | 1/5 | 3 |
| Leopardstown 16:25 (terms moved) | 9 | 2 | 1/4 | 2 |
| Chester 16:30 | 10 | 3 | 1/5 | 3 |
| Lingfield 16:35 | 11 | 3 | 1/5 | 3 |
| Musselburgh 16:42 | 11 | 3 | 1/5 | 3 |
| Doncaster 16:48 above ladder | 14 | 4 | 1/5 | 3 |
| Leopardstown 17:00 | 10 | 3 | 1/5 | 3 |
| Bath 17:05 above ladder (terms moved) | 13 | 4 | 1/5 | 3 |
| Chester 17:10 | 11 | 3 | 1/5 | 3 |
| Lingfield 17:15 | 10 | 3 | 1/5 | 3 |
| Musselburgh 17:20 | 11 | 3 | 1/5 | 3 |
| Doncaster 17:23 | 8 | 2 | 1/4 | 2 |
| Leopardstown 17:35 above ladder | 23 | 6 | 1/5 | 4 |
| Bath 17:37 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Chester 17:42 | 13 | 3 | 1/5 | 3 |
| Lingfield 17:47 (terms moved) | 6 | 1 | win only | 1 |
| Musselburgh 17:50 | 12 | 3 | 1/5 | 3 |
| Leopardstown 18:10 above ladder | 20 | 5 | 1/5 | 4 |
| Lingfield 18:17 | 12 | 3 | 1/5 | 3 |
| Musselburgh 18:20 | 12 | 3 | 1/5 | 3 |
| Musselburgh 18:50 | 9 | 2 | 1/4 | 2 |
| Musselburgh 19:20 above ladder (terms moved) | 13 | 4 | 1/5 | 3 |
Race times are BST. “House ladder” is the fewest places we have ever seen this bookmaker pay for a field of that size in a race of that type, derived from our own collection and cut at this edition’s date — not the classic each-way table, which they do not follow.
This count is not comparable with a later edition’s. The ladder is the fewest places we have ever seen, so it can only fall as we collect more, and “above the ladder” rises with it. This edition was judged against 7 days of collection; a later one is judged against more, and will look more generous for that reason alone.