Each-way terms. Edition of 2026-09-22.
9 of the 36 races run on Tue 22 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 Tue 22 Sept: 36 UK and Irish races, 9 changes to the place terms, and 6 races paying above the bookmaker’s own ladder. 6 were seen before race day and 3 on the day. A further 18 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 9 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 |
|---|---|---|---|---|
| Mon 21 Sept, 09:00 UTC | Beverley 13:30 | 3 → 4 | 1/4 → 1/5 | 15 |
| Mon 21 Sept, 09:00 UTC | Listowel 14:22 | 3 → 4 | 1/4 → 1/5 | 20 |
| Mon 21 Sept, 09:00 UTC | Listowel 14:57 | 3 → 4 | 1/4 → 1/5 | 15 |
| Mon 21 Sept, 09:00 UTC | Listowel 15:32 | 3 → 4 | 1/5 | 14 |
| Mon 21 Sept, 09:00 UTC | Southwell 18:30 | 3 → 4 | 1/4 → 1/5 | 14 |
| Mon 21 Sept, 09:00 UTC | Southwell 19:00 | 3 → 4 | 1/4 → 1/5 | 16 |
| Tue 22 Sept, 08:00 UTC | Warwick 16:15 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Tue 22 Sept, 09:00 UTC | Listowel 16:41 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Tue 22 Sept, 11:00 UTC | Warwick 15:05 | 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 |
|---|---|---|---|---|
| Beverley 13:30 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Listowel 13:47 | 8 | 2 | 1/4 | 2 |
| Warwick 13:55 | 5 | 1 | win only | 1 |
| Beverley 14:05 | 6 | 1 | win only | 1 |
| Fontwell 14:12 | 7 | 2 | 1/4 | 2 |
| Listowel 14:22 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Warwick 14:30 | 9 | 2 | 1/4 | 2 |
| Beverley 14:40 | 15 | 3 | 1/5 | 3 |
| Fontwell 14:47 | 6 | 1 | win only | 1 |
| Listowel 14:57 above ladder (terms moved) | 13 | 4 | 1/5 | 3 |
| Warwick 15:05 (terms moved) | 6 | 1 | win only | 1 |
| Beverley 15:15 | 8 | 2 | 1/4 | 2 |
| Fontwell 15:22 | 8 | 2 | 1/4 | 2 |
| Listowel 15:32 above ladder (terms moved) | 13 | 4 | 1/5 | 3 |
| Warwick 15:40 | 5 | 1 | win only | 1 |
| Beverley 15:50 | 8 | 2 | 1/4 | 2 |
| Fontwell 15:57 | 9 | 2 | 1/4 | 2 |
| Listowel 16:07 | 9 | 2 | 1/4 | 2 |
| Warwick 16:15 (terms moved) | 8 | 2 | 1/4 | 2 |
| Southwell 16:20 | 11 | 3 | 1/5 | 3 |
| Beverley 16:25 | 12 | 3 | 1/5 | 3 |
| Fontwell 16:32 | 6 | 1 | win only | 1 |
| Listowel 16:41 (terms moved) | 9 | 2 | 1/4 | 2 |
| Warwick 16:48 | 7 | 2 | 1/4 | 2 |
| Southwell 16:55 | 13 | 3 | 1/5 | 3 |
| Beverley 17:00 | 11 | 3 | 1/5 | 3 |
| Fontwell 17:07 | 11 | 3 | 1/5 | 3 |
| Listowel 17:16 | 10 | 3 | 1/5 | 3 |
| Southwell 17:30 | 11 | 3 | 1/5 | 3 |
| Beverley 17:35 | 12 | 3 | 1/5 | 3 |
| Southwell 18:00 | 12 | 3 | 1/5 | 3 |
| Southwell 18:30 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Southwell 19:00 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Southwell 19:30 | 11 | 3 | 1/5 | 3 |
| Southwell 20:00 | 9 | 2 | 1/4 | 2 |
| Southwell 20:30 | 12 | 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 17 days of collection; a later one is judged against more, and will look more generous for that reason alone.