An "Each Way" horse racing bet means that you are betting on a horse to either "Win" or "Place" in just one bet for the same amount. This means that a $10 "Each Way" bet is actually a $20 bet - $10 for the "Win" and $10 for the "Place".
If your selected horse comes second, third or fourth (depending on how many places are paid) then you get either 1/4 or 1/5th of the odds of your place stake (depending on the each way terms for the race).
If your selected horse wins", you're up for a big payout as you will receive both the "Win" dividend and the "Place" dividend! Pretty awesome right?
Here's an example with the runners of the 2018 Melbourne Cup:
|1||Best Solution (6) T: Saeed Bin Suroor | J: Pat Cosgrave||16.00||5.00|
|2||The Cliffsofmoher (9) T: Aidan O'brien | J: Ryan Moore||23.00||7.50|
|3||Magic Circle (17) J: Corey Brown | T: Ian Williams||7.00||2.60|
|4||Chestnut Coat (4) J: Yuga Kawada | T: Yoshito Yahagi||71.00||19.00|
|5||Muntahaa (13) J: Jim Crowley | T: J H Gosden||19.00||5.50|
|6||Sound Check (16) J: Jordan Childs | T: M D Moroney||41.00||11.00|
|7||Who Shot Thebarman (18) J: Ben Melham | T: C J Waller||31.00||18.00|
|8||Ace High (22) J: Tye Angland | T: David Payne||71.00||4.00|
|9||Marmelo (10) J: Hugh Bowman | T: H Morrison||12.50||4.18|
|10||Avilius (11) J: Glyn Schofield | T: James Cummings||16.00||2.15|
|11||Yucatan (23) J: James Mcdonald | T: A O'brien||6.60||19.00|
|12||Auvray (1) J: Tommy Berry | T: R A Freedman||81.00||19.00|
|13||Finche (15) J: Zac Purton (54.0kg) | T: C J Waller||26.00||6.50|
|14||Red Cardinal (5) J: Damien Oliver | T: D K Weir||31.00||9.50|
|15||Vengeur (2) Masque J: Patrick Moloney | T: M D Moroney||71.00||14.00|
|16||Ventura Storm (7) J: Mark Zahra | T: D & B Hayes & T Dabernig||34.00||9.50|
|17||A Prince Of Arran (20) J: Michael Walker | T: Charlie Fellowes||23.00||6.50|
|18||Nakeeta (3) J: Regan Bayliss | T: Iain Jardine||81.00||26.00|
|19||Sir Charles Road (14) J: Dwayne Dunn | T: L O'sullivan & A Scott||101.00||26.00|
|20||Zacada (24) J: Damian Lane | T: M Baker & A Forsman||101.00||26.00|
|21||Runaway (12) J: Stephen Baster | T: G Waterhouse & A Bott||41.00||12.00|
|22||Youngstar (8) J: Craig Williams (51.5kg) | T: C J Waller||11.75||3.50|
|23||Cross Counter (19) J: Kerrin Mcevoy (51.0kg) | T: Charlie Appleby||12.00||2.80|
|24||Rostropovich (21) J: Wayne Lordan (51.0kg) | T: A O'brien||23.00|
Let's say you placed a $10 "Each Way" bet on Cross Counter – this means you made a $10 "Win" bet and a $10 "Place" bet for a total stake of $20. Of course he won the race, so you'll take home $400 in total winnings - $120 from the "Win" portion and $280 for "Place" portion of your "Each Way" bet! Not too shabby for a $20 stake.
your source for betting information