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What does paying 5 places mean in horse racing?

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An Each Way (EW, E/W) bet is essentially two separate bets: one for the horse to win, the other for the horse to place in any of the place positions offered in that race. So if you place £ 5 each way, you'll be placing £ 5 on the win and £ 5 on the place, a total of £10.
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