Each-Way Place Terms
Place terms determine how the place half of an each-way bet is settled.
Two variables
Check (1) how many finishing positions count as a place and (2) what fraction of the win odds applies to the place portion. Common fractions include 1/4 and 1/5, but the actual terms depend on the race and bookmaker.
Why this changes value
Two bets at the same win odds can have different potential place returns when their place fractions or number of places differ. Compare the actual terms rather than assuming all each-way offers are equivalent.