Each-way terms. Edition of 2026-09-25.
17 of the 44 races run on Fri 25 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 Fri 25 Sept: 44 UK and Irish races, 19 changes to the place terms, and 15 races paying above the bookmaker’s own ladder. 15 were seen before race day and 4 on the day. A further 38 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 19 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 |
|---|---|---|---|---|
| Thu 24 Sept, 10:00 UTC | Listowel 14:15 | 3 → 4 | 1/4 → 1/5 | 20 |
| Thu 24 Sept, 10:00 UTC | Listowel 14:50 | 3 → 4 | 1/4 → 1/5 | 20 |
| Thu 24 Sept, 10:00 UTC | Listowel 15:25 | 4 → 5 | 1/4 → 1/5 | 19 |
| Thu 24 Sept, 10:00 UTC | Listowel 16:00 | 3 → 4 | 1/4 → 1/5 | 19 |
| Thu 24 Sept, 10:00 UTC | Listowel 16:30 | 3 → 4 | 1/4 → 1/5 | 20 |
| Thu 24 Sept, 10:00 UTC | Newcastle 16:35 | 3 → 4 | 1/4 → 1/5 | 15 |
| Thu 24 Sept, 10:00 UTC | Newcastle 17:10 | 3 → 4 | 1/4 → 1/5 | 16 |
| Thu 24 Sept, 10:00 UTC | Haydock 17:23 | 3 → 4 | 1/4 → 1/5 | 16 |
| Thu 24 Sept, 10:00 UTC | Listowel 17:40 | 3 → 4 | 1/5 | 19 |
| Thu 24 Sept, 10:00 UTC | Dundalk 18:00 | 3 → 4 | 1/4 → 1/5 | 15 |
| Thu 24 Sept, 10:00 UTC | Dundalk 19:00 | 3 → 4 | 1/4 → 1/5 | 19 |
| Thu 24 Sept, 10:00 UTC | Dundalk 20:00 | 3 → 4 | 1/4 → 1/5 | 19 |
| Thu 24 Sept, 10:00 UTC | Newcastle 20:15 | 3 → 4 | 1/4 → 1/5 | 15 |
| Thu 24 Sept, 10:00 UTC | Dundalk 20:30 | 3 → 4 | 1/4 → 1/5 | 19 |
| Thu 24 Sept, 17:00 UTC | Worcester 13:30 | 2 → 1 | 1/4 → win only | 7 → 6 |
| Fri 25 Sept, 09:00 UTC | Listowel 15:25 | 5 → 4 | 1/5 | 18 → 17 |
| Fri 25 Sept, 10:00 UTC | Worcester 14:40 | 5 → 4 | 1/5 | 18 → 17 |
| Fri 25 Sept, 12:00 UTC | Haydock 13:58 | 3 → 2 | 1/5 → 1/4 | 10 → 9 |
| Fri 25 Sept, 16:00 UTC | Haydock 17:23 | 4 → 3 | 1/5 | 12 |
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 |
|---|---|---|---|---|
| Worcester 12:55 | 11 | 3 | 1/5 | 3 |
| Newmarket 13:15 | 11 | 3 | 1/5 | 3 |
| Worcester 13:30 (terms moved) | 6 | 1 | win only | 1 |
| Listowel 13:40 | 17 | 3 | 1/5 | 3 |
| Newmarket 13:50 | 12 | 3 | 1/5 | 3 |
| Haydock 13:58 (terms moved) | 9 | 2 | 1/4 | 2 |
| Worcester 14:05 above ladder | 14 | 4 | 1/5 | 3 |
| Listowel 14:15 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Newmarket 14:25 | 11 | 3 | 1/5 | 3 |
| Haydock 14:33 | 9 | 2 | 1/4 | 2 |
| Worcester 14:40 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Listowel 14:50 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Newmarket 15:00 | 9 | 2 | 1/4 | 2 |
| Haydock 15:08 | 13 | 3 | 1/5 | 3 |
| Worcester 15:15 | 11 | 3 | 1/5 | 3 |
| Listowel 15:25 above ladder (terms moved) | 17 | 4 | 1/5 | 3 |
| Newmarket 15:35 | 6 | 1 | win only | 1 |
| Haydock 15:43 | 10 | 3 | 1/5 | 3 |
| Worcester 15:50 | 11 | 3 | 1/5 | 3 |
| Listowel 16:00 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Newmarket 16:10 | 16 | 3 | 1/5 | 3 |
| Haydock 16:18 | 13 | 3 | 1/5 | 3 |
| Worcester 16:25 | 11 | 3 | 1/5 | 3 |
| Listowel 16:30 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Newcastle 16:35 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Newmarket 16:45 | 12 | 3 | 1/5 | 3 |
| Haydock 16:50 | 7 | 2 | 1/4 | 2 |
| Listowel 17:05 | 16 | 3 | 1/5 | 3 |
| Newcastle 17:10 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Haydock 17:23 (terms moved) | 12 | 3 | 1/5 | 3 |
| Dundalk 17:30 | 16 | 3 | 1/5 | 3 |
| Listowel 17:40 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Newcastle 17:45 | 7 | 2 | 1/4 | 2 |
| Dundalk 18:00 above ladder (terms moved) | 15 | 4 | 1/5 | 3 |
| Newcastle 18:15 | 15 | 3 | 1/5 | 3 |
| Dundalk 18:30 | 15 | 3 | 1/5 | 3 |
| Newcastle 18:45 | 10 | 3 | 1/5 | 3 |
| Dundalk 19:00 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Newcastle 19:15 | 13 | 3 | 1/5 | 3 |
| Dundalk 19:30 | 9 | 2 | 1/4 | 2 |
| Newcastle 19:45 | 13 | 3 | 1/5 | 3 |
| Dundalk 20:00 above ladder (terms moved) | 16 | 4 | 1/5 | 3 |
| Newcastle 20:15 above ladder (terms moved) | 14 | 4 | 1/5 | 3 |
| Dundalk 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 20 days of collection; a later one is judged against more, and will look more generous for that reason alone.