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How much do I win on each way bet?

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If your horse comes first, you will be paid both the " Win " and "Place" part of your bet. But if your horse comes 2nd (or 3rd or 4th depending on how many places are paid) then you will get paid at either a 1/4 or 1/5th of the odds for you place stake, depending on the each way terms for the race.
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