Each way

An each way bet is one that places half your stake on a selection to win, and the other half of the stake on the selection to place. If the selection wins, the win portion is settled normally, whilst the place portion is settled at a fraction of the odds. However, if the selection fails to win, but places, the win portion of the stake is lost, whilst the place portion of the bet is again settled at a fraction of the win odds. An each way bet is very popular in horse racing, especially when there are a lot of runners.