An each-way is a bet is placed in two parts: one part to win and the other part to place, used primarily in horse racing. The "win" part of the bet is for the horse to come in first, while the "place" part is for the horse to finish in one of the top positions, such as second or third, depending on the rules of the event. If the horse wins, both parts of the bet pay out, but if it only places, the "place" part of the bet still pays out at lower odds. This betting method reduces the risk of losing the entire bet, offering a chance for a smaller payout even if the horse does not win.

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