EACH WAY BET EXPLAINED Each Way In contests with large fields, even the shorter-priced favourites may have quite high odds. To increase the chances of a punter winning something from this bet, it may be offered each way. What does each way mean in betting? Each way bets are actually two bets, one for the win and one for a high placing, and are settled as two bets. The place part is calculated at a fraction of the win odds. This fraction will vary by sport and event, and will always be displayed where each way betting is available.