An each-way bet in horse racing is effectively two bets in one. Half of your stake goes on the horse to win, and the other half goes on the horse to place (usually the first two, three, or four, depending on the number of runners.) You can do this by ticking the 'E/W' box on the betslip.
For a £5 each-way bet, £5 goes on the horse to win, and £5 goes on it to place, for a total of £10 worth of stake. If your horse wins, both bets pay out: the win bet at full odds, and the place bet at a fraction of the win odds (commonly 1/4 or 1/5). If the horse only places, you lose the win bet but collect on the place portion, giving you some return.
The 'place terms' - i.e. how many places will be paid and at what fraction of the win price - are displayed on the betslip.
In the below example, as listed below the name of the selection, you can see that the place terms are 1/5, 1-3 - this means that the place part of your each-way bet will pay out at 1/5 of the odds (7/5 in this case), if your horse finishes in the top three places.
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