Each-way terms. Edition of 2026-09-24.
10 of the 37 races run on Thu 24 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 Thu 24 Sept: 37 UK and Irish races, 13 changes to the place terms, and 10 races paying above the bookmaker’s own ladder. 8 were seen before race day and 5 on the day. A further 28 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 13 term changes, 4 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 |
|---|---|---|---|---|
| Wed 23 Sept, 09:00 UTC | Listowel 15:42 | 3 → 4 | 1/4 → 1/5 | 17 |
| Wed 23 Sept, 09:00 UTC | Listowel 16:17 | 4 → 5 | 1/4 → 1/5 | 23 |
| Wed 23 Sept, 09:00 UTC | Southwell 16:22 | 3 → 4 | 1/4 → 1/5 | 16 |
| Wed 23 Sept, 09:00 UTC | Newmarket 16:45 | 3 → 4 | 1/4 → 1/5 | 14 |
| Wed 23 Sept, 09:00 UTC | Pontefract 17:03 | 4 → 5 | 1/4 → 1/5 | 18 |
| Wed 23 Sept, 09:00 UTC | Perth 17:10 | 4 → 5 | 1/4 → 1/5 | 18 |
| Wed 23 Sept, 09:00 UTC | Southwell 20:00 | 3 → 4 | 1/4 → 1/5 | 16 |
| Wed 23 Sept, 14:00 UTC | Southwell 16:58 | 3 → 4 | 1/4 → 1/5 | 15 |
| Thu 24 Sept, 07:00 UTC | Perth 17:10 | 5 → 4 | 1/5 | 17 |
| Thu 24 Sept, 11:00 UTC | Southwell 20:30 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Thu 24 Sept, 12:00 UTC | Listowel 16:17 | 5 → 4 | 1/5 | 18 → 17 |
| Thu 24 Sept, 12:00 UTC | Pontefract 17:03 | 5 → 4 | 1/5 | 18 → 17 |
| Thu 24 Sept, 13:00 UTC | Newmarket 16:10 | 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 |
|---|---|---|---|---|
| Newmarket 13:15 | 9 | 2 | 1/4 | 2 |
| Pontefract 13:32 | 10 | 3 | 1/5 | 3 |
| Perth 13:39 | 7 | 2 | 1/4 | 2 |
| Newmarket 13:50 | 12 | 3 | 1/5 | 3 |
| Listowel 13:57 | 19 | 3 | 1/5 | 3 |
| Pontefract 14:07 | 11 | 3 | 1/5 | 3 |
| Perth 14:14 | 7 | 2 | 1/4 | 2 |
| Newmarket 14:25 | 13 | 3 | 1/5 | 3 |
| Listowel 14:32 | 16 | 3 | 1/5 | 3 |
| Pontefract 14:42 | 10 | 3 | 1/5 | 3 |
| Perth 14:49 | 11 | 3 | 1/5 | 3 |
| Newmarket 15:00 | 10 | 3 | 1/5 | 3 |
| Listowel 15:07 above ladder | 15 | 4 | 1/5 | 3 |
| Pontefract 15:17 | 7 | 2 | 1/4 | 2 |
| Perth 15:24 | 11 | 3 | 1/5 | 3 |
| Newmarket 15:35 | 12 | 3 | 1/5 | 3 |
| Listowel 15:42 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Pontefract 15:52 | 11 | 3 | 1/5 | 3 |
| Perth 15:59 above ladder | 13 | 4 | 1/5 | 3 |
| Newmarket 16:10 (terms moved) | 9 | 2 | 1/4 | 2 |
| Listowel 16:17 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Southwell 16:22 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Pontefract 16:27 | 10 | 3 | 1/5 | 3 |
| Perth 16:34 | 11 | 3 | 1/5 | 3 |
| Newmarket 16:45 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Listowel 16:52 | 13 | 3 | 1/5 | 3 |
| Southwell 16:58 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Pontefract 17:03 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Perth 17:10 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Listowel 17:25 | 11 | 3 | 1/5 | 3 |
| Southwell 17:30 | 11 | 3 | 1/5 | 3 |
| Southwell 18:00 | 11 | 3 | 1/5 | 3 |
| Southwell 18:30 | 13 | 3 | 1/5 | 3 |
| Southwell 19:00 | 7 | 2 | 1/4 | 2 |
| Southwell 19:30 | 9 | 2 | 1/4 | 2 |
| Southwell 20:00 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Southwell 20:30 (terms moved) | 9 | 2 | 1/4 | 2 |
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 19 days of collection; a later one is judged against more, and will look more generous for that reason alone.