Each-way terms. Edition of 2026-10-13.
12 of the 38 races run on Tue 13 Oct 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 13 Oct: 38 UK and Irish races, 14 changes to the place terms, and 5 races paying above the bookmaker’s own ladder. 10 were seen before race day and 4 on the day. A further 13 readings recorded only a change in field size, which is a non-runner rather than the book moving. Of the 14 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.
4 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a field that had already shrunk through non-runners, so they are mechanical adjustments rather than an offer being withdrawn.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 12 Oct, 09:00 UTC | Punchestown 14:10 | 3 → 4 | 1/4 → 1/5 | 14 |
| Mon 12 Oct, 09:00 UTC | Punchestown 15:20 | 4 → 5 | 1/4 → 1/5 | 20 |
| Mon 12 Oct, 09:00 UTC | Leicester 15:39 | 4 → 5 | 1/4 → 1/5 | 20 |
| Mon 12 Oct, 09:00 UTC | Punchestown 16:30 | 4 → 5 | 1/4 → 1/5 | 20 |
| Mon 12 Oct, 09:00 UTC | Leicester 16:47 | 4 → 5 | 1/4 → 1/5 | 20 |
| Mon 12 Oct, 09:00 UTC | Southwell 16:52 | 3 → 4 | 1/4 → 1/5 | 14 |
| Mon 12 Oct, 09:00 UTC | Punchestown 17:07 | 4 → 5 | 1/4 → 1/5 | 20 |
| Mon 12 Oct, 09:00 UTC | Leicester 17:17 | 4 → 5 | 1/4 → 1/5 | 19 |
| Mon 12 Oct, 09:00 UTC | Wolverhampton 19:30 | 3 → 4 | 1/4 → 1/5 | 15 |
| Mon 12 Oct, 09:00 UTC | Wolverhampton 20:00 | 3 → 4 | 1/4 → 1/5 | 15 |
| Tue 13 Oct, 06:00 UTC | Southwell 15:10 | 2 → 1 | 1/4 → win only | 7 → 6 |
| Tue 13 Oct, 10:00 UTC | Wolverhampton 20:00 | 4 → 3 | 1/5 | 12 |
| Tue 13 Oct, 11:00 UTC | Leicester 17:17 | 5 → 4 | 1/5 | 18 → 16 |
| Tue 13 Oct, 15:00 UTC | Southwell 16:20 | 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 |
|---|---|---|---|---|
| Leicester 13:24 | 12 | 3 | 1/5 | 4 |
| Punchestown 13:35 | 11 | 3 | 1/5 | 3 |
| Hereford 13:45 | 7 | 2 | 1/4 | 2 |
| Leicester 13:54 | 14 | 3 | 1/5 | 3 |
| Southwell 14:00 | 5 | 1 | win only | 4 |
| Punchestown 14:10 (terms moved) | 13 | 4 | 1/5 | 4 |
| Hereford 14:20 | 6 | 1 | win only | 4 |
| Leicester 14:29 | 13 | 3 | 1/5 | 3 |
| Southwell 14:35 | 7 | 2 | 1/4 | 4 |
| Punchestown 14:45 | 7 | 2 | 1/4 | 2 |
| Hereford 14:55 | 10 | 3 | 1/5 | 4 |
| Leicester 15:04 | 9 | 2 | 1/4 | 2 |
| Southwell 15:10 (terms moved) | 6 | 1 | win only | 4 |
| Punchestown 15:20 above ladder (terms moved) | 20 | 5 | 1/5 | 4 |
| Hereford 15:30 | 10 | 3 | 1/5 | 4 |
| Leicester 15:39 above ladder (terms moved) | 20 | 5 | 1/5 | 4 |
| Southwell 15:45 | 6 | 1 | win only | 1 |
| Punchestown 15:55 | 15 | 3 | 1/5 | 3 |
| Hereford 16:05 | 9 | 2 | 1/4 | 4 |
| Leicester 16:14 | 11 | 3 | 1/5 | 4 |
| Southwell 16:20 (terms moved) | 6 | 1 | win only | 1 |
| Wolverhampton 16:25 | 11 | 3 | 1/5 | 4 |
| Punchestown 16:30 above ladder (terms moved) | 18 | 5 | 1/5 | 4 |
| Hereford 16:38 | 6 | 1 | win only | 1 |
| Leicester 16:47 above ladder (terms moved) | 19 | 5 | 1/5 | 4 |
| Southwell 16:52 (terms moved) | 13 | 4 | 1/5 | 4 |
| Wolverhampton 17:00 | 11 | 3 | 1/5 | 4 |
| Punchestown 17:07 above ladder (terms moved) | 19 | 5 | 1/5 | 4 |
| Leicester 17:17 (terms moved) | 16 | 4 | 1/5 | 4 |
| Southwell 17:23 | 8 | 2 | 1/4 | 4 |
| Wolverhampton 17:30 | 8 | 2 | 1/4 | 4 |
| Punchestown 17:40 | 16 | 3 | 1/5 | 3 |
| Wolverhampton 18:00 | 11 | 3 | 1/5 | 3 |
| Wolverhampton 18:30 | 11 | 3 | 1/5 | 3 |
| Wolverhampton 19:00 | 9 | 2 | 1/4 | 4 |
| Wolverhampton 19:30 (terms moved) | 14 | 4 | 1/5 | 4 |
| Wolverhampton 20:00 (terms moved) | 12 | 3 | 1/5 | 4 |
| Wolverhampton 20:30 | 13 | 3 | 1/5 | 4 |
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 38 days of collection; a later one is judged against more, and will look more generous for that reason alone.