If you bet money each way on the result of a horse race or a dog race, you will win some money if the animal you bet on comes first, second, third, or sometimes fourth.
[British]
In the last race I put £20 each way on two outsiders.
Each way is also an adjective
...a $10,000 each way bet on Minnehoma at 33-1.
2. adjective [ADJECTIVE noun]
If you say that something is a good each way bet, you mean that you think it is a good thing to support or invest in because it is unlikely to fail.
[British]
Large overseas-based trusts are an excellent each way bet.
...a good each way investment.
each way in British English
adjective, adverb
horse racing, mainly British
(of a bet) made on the same runner or contestant to win or come second or third in a race
Also: both ways. US term: across-the-board
each way in British English
(of a bet) laid on a horse, dog, etc, to win or gain a place
See full dictionary entry for way
Examples of 'each way' in a sentence
each way
You can bet each way and get a third of the odds for the first FOUR goals scored in the game.