An Each Way bet, also referred to as an EW bet or simply an EW, combines both a Win and Place bet in one single bet. If your horse wins, you will collect both a Win and Place dividend. If your horse finishes 2nd or 3rd you will collect the Place dividend only.
Let’s say you place $10 on an Each Way bet at 10/1. In this example you have placed $10 on a horse to Win at odds of 10/1. So if you win your return would be: (10/1 x $10) + ($10 x the odds for the place) = Winnings.
The odds for the place in horse racing are usually 1/3 or 1/4 the Win odds. Bookmakers will generally show these odds alongside the Win odds.