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An Each Way (E/W) bet is basically two bets - one bet is for the horse to win, the other is for the horse to place. For Example - You place a 5 E/W bet on Think Champagne in the 18:00 at Wolverhampton at odds of 5/1.
An each-way bet is two bets of equal cost, a win bet on your selection and a place bet on it to finish within a certain number of places.