There are various types of bets that people commonly place on horse racing:
Win-only. The bet where you back a horse to win the race is the simplest to comprehend. To receive any monetary return, the horse you have supported must come in first place in the race you have chosen.
Each-way. At horse racing events like Royal Ascot, you'll frequently encounter races with a large field of competitors. This can make selecting a winner quite challenging, particularly if you need to be an experienced bettor. That's why EW bets are highly sought-after in the world of horse racing.
By placing two bets, you effectively increase your chances of winning. One bet is placed on the horse to come in first, while the other is placed on the horse to finish within a specified number of places, as stated in the each-way terms at the top of the list of runners.
The payout for the place portion of your each-way bet is calculated based on a fraction of the odds provided for the "to win" outcome. For this scenario, the location component of your each-way wager will reward you with a payout equal to one-fifth of the winning odds as long as your horse finishes within the top five positions. If your horse emerges victorious in the race, you will also receive a payout for the winning portion of your bet based on the complete win price indicated.