Each-way

Exactly the same procedure can be followed for each-way bets; however, you may not receive the quarter of the win-odds for a place.

Source: wiktionary

To overcome these problems, an each-way bookmaker keeps his odds below a win bookmaker's, and refuses to bet each-way when there is an odds-on chance in the race or when the race contains fewer than 8 runners.

Source: wiktionary

Or, in the case of some of my dad's punters, there to deprive the wife and kids of any extra by putting it on an each-way bet on the 3 o'clock at Redcar.

Source: wiktionary

Later on, when we had a telephone, I heard him place each-way bets for a few shillings, but he was a steady punter, betting every day there was a race on.

Source: wiktionary