An each-way bet is simply when a bettor places down two separate wagers. In F1, this would tend to be on a driver, let's say Lewis Hamilton, to win the race with the first bet. But then a further bet on Hamilton to finish on the podium (top three). By placing an each-way bet, a bettor covers herself incase Hamilton fails to win. But also has a chance to win twice, since coming first is also a podium finish.