This describes a transaction that is effectively two bets in which equal stakes are laid: i) on the selection coming first, and ii) the selection being placed; i.e. coming first, second, third or fourth, depending on the terms. When the punter asks for '£10 each way' this is actually two bets, at ten pound stakes each, totalling £20.
If the selection wins, the return is:
total stake + (stake x win odds) + (stake x place odds (usually 1/4 or 1/5 of win odds))
If the selection is placed but does not win, the return is:
place stake + (stake x place odds)
Prices offered on selected races that day in advance of racecourse betting. Some bookmakers will offer early prices on every race every day.
Odds which indicate that winnings will be the same as the amount staked. Is sometimes displayed as 1/1.
Websites that enable users to back and lay selections by offering and requesting prices directly from other punters. The transactions happen in a secure environment and can be traded once placed to take advantage of any moves in the market.
The amount of money a bookmaker will risk losing on an event.