What is an each-way bet on the Grand National?

An each-way bet is two bets in one: half your stake goes on the horse to win, and half goes on it to finish in a place position (typically the top four, five, six, or more finishers, depending on the bookmaker's terms for the Grand National). If your horse wins, both parts pay out. If it finishes in a place but doesn't win, the place part pays at a fraction of the win odds — usually one quarter for the Grand National. For example, a £5 each-way bet at 20/1 costs £10 total. If the horse places, the place portion returns £5 at 5/1 (one quarter of 20/1) = £30, for a £20 net profit. Each-way is the dominant bet type for the Grand National because the large field, long odds, and extended place terms make the place portion genuinely valuable.

How many places do bookmakers pay on the Grand National?

The industry standard for the Grand National is four places at 1/4 of the win odds, but most major bookmakers offer enhanced terms specifically for this race. In recent years, operators have paid between five and eight places on the Grand National as a promotional incentive. The exact number varies by bookmaker and is usually confirmed in the two to three weeks before the race. Always check the place terms on your bookmaker's site before placing an each-way bet — the difference between four and eight places roughly doubles your chance of collecting on the place portion in a 34-runner field. A comparison of typical terms from major operators is included in the Bookmaker Place Terms section of this guide.

How do I pick a horse for the Grand National?

Start with the basics: form, weight, age, and going preference. Look at each horse's recent results in competitive handicap chases — a form line with consistent top-five finishes is a good sign. Favour horses aged eight to ten, carrying a mid-range weight (around 10-7 to 11 stone), and with proven ability on the expected ground conditions at Aintree. Eliminate horses with poor jumping records (repeated falls or unseated riders in their form). After filtering, you'll typically have four to six strong contenders — at which point an each-way bet across two or three of them, or a dutching strategy, gives you coverage across the field. The full filtering method is detailed in the How to Pick a Horse section of this guide.

Updated: 25 August 2026

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See also Each-Way Betting on the Grand National Explained.