Whether you're an experienced punter or just enjoy the occasional flutter, the Grand National is the one event in the racing calendar that everyone looks forward to.

The world's biggest steeplechase is infamously unpredictable to call, but that doesn't stop millions of people from placing bets on it every year. Some will choose to study the form book religiously, while others will simply go off the name or jockey's colours when it comes to backing a horse.

Picking a winner is a difficult task, but if you don't fancy backing a horse to win the race outright, there is an alternative that could still see you bank some money. If that's piqued your interest, then each-way betting is probably the way to go for you.

Here's our breakdown of how each-way betting works, the best horses to back this year and the number of places the bookies are paying out on.

READ MORE:The touching reason everyone wants this Welsh horse to win the Grand National

Grand National runners and riders for 2024

Final field of 34 runners and riders for the Randox Grand National Handicap Chase (Class 1), (4m2f74y) at Aintree Racecourse on Saturday, April 13 2024 (4pm):

  1. Noble Yeats (J: Harry Cobden; T: Emmet Mullins)
  2. Nassalam (J: Caoilin Quinn; T: Gary Moore)
  3. Coko Beach (J: Jordan Gainford; T: Gordon Elliott)
  4. Capodanno (J Keith Donoghue; T: Willie Mullins)
  5. I Am Maximus (J: Paul Townend; T: Willie Mullins)
  6. Minella Indo (J: Rachael Blackmore; T: Henry De Bromhead)
  7. Corach Rambler (J: Derek Fox; T: Lucinda Russell)
  8. Janidil (J: Jody McGarvey; T: Willie Mullins)
  9. Stattler (J: Patrick Mullins; T: Willie Mullins)
  10. Mahler Mission (J: Ben Harvey; T: John McConnell)
  11. Delta Work (J: Jack Kennedy; T: Gordon Elliott)
  12. Foxy Jacks (J: Gavin Brouder; T: Mouse Morris)
  13. Galvin (J: Sam Ewing; T: Gordon Elliott)
  14. Farouk D’Alene (J: Donagh Meyler; T: Gordon Elliott)
  15. Eldorado Allen (J: Brendan Powell; T: Joe Tizzard)
  16. Ain’t That A Shame (J: David Maxwell; T: Henry De Bromhead)
  17. Vanillier (J: Sean Flanagan; T: Gavin Cromwell)
  18. Mr Incredible (J: Brian Hayes; T: Willie Mullins)
  19. Run Wild Fred (J: Tom Hamilton; T: Gordon Elliott)
  20. Latenightpass (J: Gina Andrews; T: Tom Ellis)
  21. Minella Crooner (J: Kevin Sexton; T: Gordon Elliott)
  22. Adamantly Chosen (J: Sean O’Keeffe; T: Willie Mullins)
  23. Mac Tottie (J: James Bowen; T: Peter Bowen)
  24. Chemical Energy (J: Danny Gilligan; T: Gordon Elliott)
  25. Limerick Lace (J: Mark Walsh; T: Gavin Cromwell)
  26. Meetingofthewaters (J: Danny Mullins; T: Willie Mullins)
  27. The Goffer (J: Sean Bowen; T: Gordon Elliott)
  28. Roi Mage (J: James Reveley; T: Patrick Griffin)
  29. Glengouly (J: Michael O’Sullivan; T: Willie Mullins)
  30. Galia Des Liteaux (J: Harry Skelton; T: Dan Skelton)
  31. Panda Boy (J: JJ Slevin; T: Martin Brassil)
  32. Eklat De Dire (J: Darragh O’Keeffe; T: Henry De Bromhead)
  33. Chambard (J: Lucy Turner; T: Venetia Williams)
  34. Kitty’s Light (J: Jack Tudor; T: Christian Williams)

Who are the favourites?

At the time of writing, last year's winner Corach Rambler is the 6/1 favourite.

He's followed by I am Maximus at 7/1, Panda Boy at 9/1, Meetingofthewaters at 10/1 and Kitty's Light at 11/1.

Odds courtesy of GrandNational.org.uk

Best each-way bets for Grand National

Each-way bets are so popular because you're not actually betting on your horse to win outright. Instead, you're betting on it to finish among the top handful of places, the specific number of which are determined by the bookmakers.

If you bet to win outright - or 'on the nose' - then it's all or nothing. You either win or you lose, if your horse comes anywhere other than first, you don't win a penny. However, if you bet each-way, you're actually making two bets with the bookie.

It's one bet that the horse will finish first and another that it will come in the determined number of places that the bookie pays out on. So, for example, if you bet £1 each-way, you've made two bets, which overall will cost you £2.

What does that meaning in terms of winnings? Well, if your horse wins at 12/1, and you put £1 on it to win outright, then you get your £12 returns plus your original £1 stake. However, if you backed it each way, then you'll get £12 returns plus your £1 stake.

In addition, if the bookies offer 1/4 the odds for a place, then you'll get another £3 plus your £1 stake. If your horse finishes placed but doesn't win, you'll just get your £3 returns and your £1 stake back.

With 34 horses running, it could be anybody's race. Indeed, 2022 winner Noble Yeats came in at 50/1 ahead of his glorious run, while back in 2009, Mon Mome stunned Aintree by winning with odds of 100/1

This time around, there are some smart picks towards the back of the field, including Galia Des Liteaux (25/1), Foxy Jacks (25/1) and Chemical Energy (40/1). Of course, at 20/1, Noble Yeats is probably considered an outsider and is a proven winner at Aintree.

Which places do each-way bets pay out on?

A few betting companies are offering seven each way-places at 1/5 for the 2024 Grand National with others offering six places with the same terms.

The best each-way terms available currently are:

LiveScoreBet: 7 places, 1/5 odds

BetFred: 7 places, 1/5 odds

Betway: 7 places, 1/5 odds

The likes of SkyBet, Paddy Power, William Hill, Coral, Bet365, Betfair and 888 Sport are all offering six places at 1/5.