What does "each way" mean in betting?
An each-way bet is two bets in one: half your stake on the selection to win, and half on it to “place” (finish in the top few — often top 3 or 4). If it wins, both parts pay; if it only places, the place part pays at a fraction of the odds.
Example
A £5 each-way bet costs £10 (£5 win + £5 place). On a 10/1 horse paying 1/5 odds for the first 3: win and you collect both parts; finish 2nd or 3rd and the place part pays at 2/1.