Forgive my ignorance, but exactly what does each way mean?

Question

I see all these questions like I bet $6 (sorry I don't have a pound symbol) each way. Is this like across the board as in Win, Place Show. I guess we can't do this in the US. Thank you.

Answer 1

Each-Way is like placing two bets on the same horse.

A £3 Each-Way bet would therefore cost you £6

The first £3 is a win bet. The horse has to come in 1st place for this to payout.

A 7/1 winner would payout £24 for the win part.

The second £3 is a place bet. The horse can come in 1st, 2nd, 3rd and sometimes 4th depending on the amount of runners and if a handicap race.

Depending on the race the place bet will payout at either a 1/4 or 1/5 of the odds.

As with the above example as the 7/1 was a winner they also qualifyfor the place part of the bet at 1/4 odds.

7/4 + 1 x stake = 2.75 x 3 =£8.25

Therefore the total winning on this horse would be £32.25

A horse that finished 2nd at 20/1 at a quarter odds would only receive the place part of the each-way bet.

20/4 + 1 x stake = 5 + 1 x £3 =£18