An Each Way (E/W) bet is basically two bets - one bet is for the horse to win, the other is for the horse to place. For Example - You place a 5 E/W bet on Think Champagne in the 18:00 at Wolverhampton at odds of 5/1. This will cost you 10. 5 on Think Champagne to win and 5 on Think Champagne to place.

A fifth of 20/1 is 4/1 (20 divided by 5) so the place part of the bet is paid as 5 at 4/1 = 25 (5 x 4 = 20 plus your 5 stake back). WIN plus PLACE = 105 plus 25 = 130. If your horse finished 2nd, 3rd, 4th, 5th or 6th then you just get the place returns of 25, while the win part of your bet is lost.