Each Way Bet Definition
An "each way bet" is offered by bookmakers and refers to two separate bets on the same stake; a win and a place bet. This is most commonly used in horseracing when the punter bets on the horse to win, or place (usual top 3). If the horse places, then the odds will be fractionally lower compared to the win.Example
A single each way bet of $5 would cost the punter $10 as the bet consists of two separate bets. One would be for the win, and the other for the place. If the horse’s odds were 10/1 and it won, the punter would win $50 and marginally less for a place (less for 3rd than for 2nd). The punter will also get their stake back if the bet won, but not if it placed.