UK term for betting on a team or individual to win and place. Bookies often do not offer PLACE only betting but will offer an EACH WAY bet so that half the bet goes on a win and half goes on the place terms. So, you could bet $10 EACH WAY on Liverpool at 17.00 (16/1) for the English Premier soccer league. The total stake is $20: $10 goes on Liverpool to win the division; $10 goes on them to PLACE, in other words to finish in the top three positions in the league. The odds for Liverpool to be placed are one-quarter the odds of them winning, or 5.00 (4/1). If Liverpool finish second or third, you lose the $10 win part of the bet but collect on the place part at odds of 5.00 (4/1), which returns $50. So, for a $20 investment you have a return of $50 - giving a profit of $30.
When you bet each way, you bet the same amount of money on the selection to win, at the stated odds, and on the selection getting a place (1st 2nd or 3rd). Thus, a '£1 each way' bet costs £2. The odds you get for the place bet is usually a quarter or a fifth of the odds on the win bet. So, if the horse wins, you get the win odds on the win bet and the place odds on the first place. If the horse comes second, say, you get only the return on the place part of the bet. Therefore a £10 each way bet on a horse at 10-1 would return 10x10 = 100 + the stake of 10 = 110 on the win bet, and 10/5=2-1 on the place, the latter being £30 (i.e. the winnings of 2x10 plus the stake of 10).