Betting that a horse will be placed first, second or third (sometimes fourth) by dividing the stake 'each way'. The stake is thus split in two equal portions one on a win, one on a place. You bet the same amount of money on the selection to win, at the stated odds, and on the selection getting a place (1st 2nd or 3rd). Thus, a '£1 each way' bet costs £2. The odds you get for the place bet is usually a quarter or a fifth of the odds on the win bet. So, if the horse wins, you get the win odds on the win bet and the placeodds on the first place. If the horse comes second, say, you get only the return on the place part of the bet. Therefore a £10 each way bet on a horse at 10-1 would return 10x10 = 100 + the stake of 10 = 110 on the win bet, and 10/5=2-1 on the place, the latter being £30 (i.e. the winnings of 2x10 plus the stake of 10).
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