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Glossary

Each-way

A bet where half the total stake is for the selection to win and half is for the selection to be placed (usually in the first three, but in big handicaps the places may extend to fourth or fifth). If the selection wins, the win portion is calculated in the normal way, while the place portion of the bet is settled at a fraction of the win odds. This fraction, and the number of places allowed by the bookmaker, depends on the type of race and the number of runners in the race. If the selection is placed but fails to win, the win portion of the stake is lost but, again, the place portion of the bet is settled at a fraction of the win odds.