each way

An each way bet is two bets of equal stakes, so, for example a £10; each way bet costs £20. The first stake is on the selection to win, and the second is on the selection to be placed. If the selection wins, both the win and place elements of the bet pay out. If the selection does not win, but is placed, the place element of the bet pays out. A percentage of the win odds are paid for the place.