This is a common bet which allows you to place a stake of equal amounts on a selection to either win an event or to be placed, usually in the top three or four depending on the size of the field. The price for the place part of the bet is usually a quarter or a fifth of the odds for an outright win.
Betting on both a win and a place. A percentage of the win odds is paid for the place which usually ranges from second to fourth depending on the event.
An each way bet is two bets, one for your selection to 'win' and another for it to be 'placed'. Both parts are staked to a common unit e.g. a £1 each-way bet covers both options at a £1 stake. (Total stake is £2)