Each-way terms. Edition of 2026-09-23.
12 of the 36 races run on Wed 23 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 Wed 23 Sept: 36 UK and Irish races, 13 changes to the place terms, and 12 races paying above the bookmaker’s own ladder. 10 were seen before race day and 3 on the day. A further 19 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 13 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 |
|---|---|---|---|---|
| Tue 22 Sept, 09:00 UTC | Perth 14:47 | 3 → 4 | 1/4 → 1/5 | 14 |
| Tue 22 Sept, 09:00 UTC | Listowel 15:05 | 4 → 5 | 1/4 → 1/5 | 23 |
| Tue 22 Sept, 09:00 UTC | Listowel 15:40 | 3 → 4 | 1/4 → 1/5 | 16 |
| Tue 22 Sept, 09:00 UTC | Redcar 16:07 | 3 → 4 | 1/4 → 1/5 | 14 |
| Tue 22 Sept, 09:00 UTC | Goodwood 17:00 | 4 → 5 | 1/4 → 1/5 | 19 |
| Tue 22 Sept, 09:00 UTC | Perth 17:07 | 3 → 4 | 1/4 → 1/5 | 14 |
| Tue 22 Sept, 09:00 UTC | Redcar 17:17 | 3 → 4 | 1/4 → 1/5 | 14 |
| Tue 22 Sept, 09:00 UTC | Kempton 19:00 | 3 → 4 | 1/4 → 1/5 | 16 |
| Tue 22 Sept, 09:00 UTC | Kempton 19:30 | 3 → 4 | 1/4 → 1/5 | 16 |
| Tue 22 Sept, 09:00 UTC | Kempton 20:30 | 3 → 4 | 1/4 → 1/5 | 16 |
| Wed 23 Sept, 09:00 UTC | Listowel 14:30 | 2 → 1 | 1/4 → win only | 7 → 6 |
| Wed 23 Sept, 09:00 UTC | Goodwood 17:00 | 5 → 4 | 1/5 | 18 → 17 |
| Wed 23 Sept, 12:00 UTC | Goodwood 14:40 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
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 |
|---|---|---|---|---|
| Goodwood 13:30 | 10 | 3 | 1/5 | 3 |
| Redcar 13:47 | 11 | 3 | 1/5 | 3 |
| Listowel 13:55 | 18 | 3 | 1/5 | 3 |
| Goodwood 14:05 | 6 | 1 | win only | 1 |
| Perth 14:12 | 12 | 3 | 1/5 | 3 |
| Redcar 14:22 | 12 | 3 | 1/5 | 3 |
| Listowel 14:30 (terms moved) | 6 | 1 | win only | 1 |
| Goodwood 14:40 (terms moved) | 9 | 2 | 1/4 | 2 |
| Perth 14:47 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Redcar 14:57 | 10 | 3 | 1/5 | 3 |
| Listowel 15:05 above ladder (terms moved) | 20 | 5 | 1/5 | 3 |
| Goodwood 15:15 | 7 | 2 | 1/4 | 2 |
| Perth 15:22 | 12 | 3 | 1/5 | 3 |
| Redcar 15:32 | 10 | 3 | 1/5 | 3 |
| Listowel 15:40 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Goodwood 15:50 above ladder | 16 | 4 | 1/5 | 3 |
| Perth 15:57 | 11 | 3 | 1/5 | 3 |
| Redcar 16:07 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Listowel 16:15 above ladder | 20 | 5 | 1/5 | 3 |
| Kempton 16:20 | 11 | 3 | 1/5 | 3 |
| Goodwood 16:25 | 10 | 3 | 1/5 | 3 |
| Perth 16:32 | 11 | 3 | 1/5 | 3 |
| Redcar 16:41 | 8 | 2 | 1/4 | 2 |
| Listowel 16:47 | 8 | 2 | 1/4 | 2 |
| Kempton 16:55 | 11 | 3 | 1/5 | 3 |
| Goodwood 17:00 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Perth 17:07 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Redcar 17:17 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Listowel 17:22 | 13 | 3 | 1/5 | 3 |
| Kempton 17:30 | 12 | 3 | 1/5 | 3 |
| Kempton 18:00 | 13 | 3 | 1/5 | 3 |
| Kempton 18:30 | 13 | 3 | 1/5 | 3 |
| Kempton 19:00 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Kempton 19:30 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Kempton 20:00 | 10 | 3 | 1/5 | 3 |
| Kempton 20:30 above ladder (terms moved) | 16 | 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 18 days of collection; a later one is judged against more, and will look more generous for that reason alone.