Each-way terms. Edition of 2026-09-20.
5 of the 21 races run on Sun 20 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 Sun 20 Sept: 21 UK and Irish races, 5 changes to the place terms, and 4 races paying above the bookmaker’s own ladder. All of them were seen on race day. A further 11 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 5 term changes, 5 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.
5 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 |
|---|---|---|---|---|
| Sun 20 Sept, 07:00 UTC | Hamilton 14:00 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Sun 20 Sept, 07:00 UTC | Plumpton 14:38 | 2 → 1 | 1/4 → win only | 7 → 6 |
| Sun 20 Sept, 12:00 UTC | Hamilton 17:00 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Sun 20 Sept, 13:00 UTC | Listowel 14:48 | 2 → 1 | 1/4 → win only | 7 → 6 |
| Sun 20 Sept, 15:00 UTC | Plumpton 16:38 | 3 → 2 | 1/5 → 1/4 | 10 → 8 |
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 |
|---|---|---|---|---|
| Hamilton 14:00 (terms moved) | 9 | 2 | 1/4 | 2 |
| Plumpton 14:08 | 5 | 1 | win only | 1 |
| Listowel 14:18 | 13 | 3 | 1/5 | 3 |
| Hamilton 14:30 above ladder | 9 | 3 | 1/5 | 2 |
| Plumpton 14:38 (terms moved) | 5 | 1 | win only | 1 |
| Listowel 14:48 (terms moved) | 6 | 1 | win only | 1 |
| Hamilton 15:00 | 10 | 3 | 1/5 | 3 |
| Plumpton 15:08 | 8 | 2 | 1/4 | 2 |
| Listowel 15:18 above ladder | 20 | 5 | 1/5 | 3 |
| Hamilton 15:30 | 10 | 3 | 1/5 | 3 |
| Plumpton 15:38 | 8 | 2 | 1/4 | 2 |
| Listowel 15:48 | 18 | 3 | 1/5 | 3 |
| Hamilton 16:00 above ladder | 13 | 4 | 1/5 | 3 |
| Plumpton 16:08 | 7 | 2 | 1/4 | 2 |
| Listowel 16:18 | 7 | 2 | 1/4 | 2 |
| Hamilton 16:30 | 11 | 3 | 1/5 | 3 |
| Plumpton 16:38 (terms moved) | 8 | 2 | 1/4 | 2 |
| Listowel 16:48 above ladder | 14 | 4 | 1/5 | 3 |
| Hamilton 17:00 (terms moved) | 8 | 2 | 1/4 | 2 |
| Plumpton 17:08 | 8 | 2 | 1/4 | 2 |
| Listowel 17:18 | 15 | 3 | 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 15 days of collection; a later one is judged against more, and will look more generous for that reason alone.