Definition
A single stake split across two bets: half on the competitor to win, half on it to place inside the paid finishing positions. The place half pays at a fraction of the win price, so an each-way bet returns less than a win bet when the pick wins, and still returns something when it only places.
Related terms
- Outright — A bet on who wins from a field of many competitors — one price per entrant, only one winner.
- Podium / place — A market on finishing inside the top N (podium, top-5, top-10) rather than winning outright.