The Grand National is the most famous horse race in the world, and for one afternoon a year millions of people who never usually bet place a wager on it. That mix of huge public interest, a massive field, and demanding jumps makes it unlike any other betting event. This guide explains how National betting works — each-way, place terms, non-runners and all — without ever telling you which horse to back.

What the Grand National Is

The Grand National is a National Hunt (jumps) steeplechase run over roughly four and a quarter miles at Aintree, with up to 40 runners tackling a series of large, historic fences. It’s a marathon test of stamina and jumping ability rather than raw speed, and completing the course at all is an achievement. The large field and testing obstacles mean the result is famously hard to predict, which is a big part of its appeal.

For most people, National betting comes down to a few core markets:

  • Win — a straight bet on your horse to finish first.
  • Each-way — the most popular National bet, splitting your stake between the win and a place finish.
  • Place only — some bookmakers let you bet purely on a top-few finish.
  • Without the favourite — betting on the field excluding the market leader.
  • Finishing position specials — various novelty markets that appear around the race.

If you want the fundamentals of racing markets, our horse racing betting guide covers them in detail.

Understanding Each-Way and Place Terms

Each-way is central to the National, so it’s worth getting right. An each-way bet is two bets: one on your horse to win, and one on it to place (finish within the paid positions). If you stake £5 each-way, you’re actually staking £10 — £5 to win and £5 to place. If your horse wins, both parts pay. If it only places, the win part loses but the place part pays at a fraction of the odds (commonly a quarter or a fifth).

Place terms are set by the bookmaker and depend on the field size. Because the National has a large field, many sites pay extra places — sometimes considerably more than a standard race. The number of places and the fraction paid varies between bookmakers, so comparing terms via our reviews and best betting sites genuinely matters here.

Non-Runners and Rule 4

With a big field, withdrawals happen. A non-runner is a horse declared but withdrawn before the race. If you backed it, your stake is usually returned. But withdrawals also affect bets on the horses still running: this is where Rule 4 comes in. When a horse is pulled out after you’ve taken fixed odds, a proportional deduction is applied to your winnings, because the remaining runners’ chances have effectively shifted. The size of the deduction depends on the withdrawn horse’s price. It’s a normal part of racing betting, not a trick — but not knowing about it can make your returns look smaller than expected.

How the Format Affects Betting

The National’s format shapes betting in specific ways. The huge field increases variance enormously — with up to 40 runners over demanding fences, outsiders finish in the places more often than in small races, which is exactly why extra each-way places exist. The stamina demand and jumping challenge mean that ability to stay the trip and clear the fences matters as much as pure class. And the ground (going) — from soft to good — can influence which types of horse are suited, though this is context, never a prediction.

Common Mistakes

  • Only betting to win. In a 40-runner race, each-way is popular for good reason.
  • Ignoring place terms. How many places a bookmaker pays can change your return significantly.
  • Forgetting Rule 4. Deductions after non-runners are normal — factor them in.
  • Staking on the name. Picking a horse because of its name is fine for fun, but it’s not analysis.
  • Betting more than you planned. The hype makes it easy to over-stake on the day.

We Don’t Tip

Here’s our honest note: we’ll explain how to bet the Grand National, but we will never tell you which horse to back. We don’t sell tips, we don’t predict winners, and we don’t take payment to rank a bookmaker higher. The National is genuinely one of the hardest races to call — a 40-runner jumps marathon where anything can happen — and anyone selling you a “sure thing” is selling false confidence.

Treat your National bet as part of the entertainment. Set a budget, keep the stakes small, and enjoy the race for what it is. If you’d like support staying in control, our responsible gambling page is there to help.

18+. Gambling involves real financial risk. If it stops being fun, take a break — play responsibly.