What does it mean to place an each-way wager as well as how it work?

Roman

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Each-way wagers consist of two wagers of equal value: a win wager on your choice to win the event as well as a place wager on it to end among a set range of positions determined by the bookmaker in advance. The total stake for a £5 each-way wager is therefore £10 (£5 for the victory and £5 for the place).
You can place an each-way bet on certain events where betting companies accept them, including football.
 
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