EACH WAY BET DEFINITION

What is an Each Way Bet?

A bet that is offered by sportsbooks and refers to two separate bets with the same stake: a win and a place bet. This is most commonly used in horse racing and greyhound racing when the bettor bets on the runner to win and place (usually top 3 finishers). Win odds are typically greater than place odds given it is less likely to eventuate.