Entry from World dictionary
Definition of each-way
adjective & adverb
British (of a bet) divided into two equal wagers, one backing a horse or other competitor to win and the other backing it to finish in the first three: [as adjective]:he could be worth an each-way bet [as adverb]:we put the same bet each way on a horse [as adjective] to come first, second, or third in a race, considered from a betting point of view:Travado has an each-way chance
