Grand National Each Way Betting Example
An Each Way (EW) bet is essentially 2 bets: A win bet
AND a place bet
So a £10EW bet is actually a £20 bet - £10 win and £10 place.
The odds you get on the win are the same as the quoted odds, but the odds you get on the place are lower, usually 1/4 of the quoted odds for the Grand National.
So lets say you bet £10EW (a £20 bet) on a horse at 20-1 with place terms of 1/4 1,2,3,4 . Lets look at the two bets separately.
The Win £10 will pay £10 x 20 + £10 stake back = £210 if the horse wins, but nothing if it doesn't win.
The Place £10 will pay £10 x 20 x 1/4 + £10 stake back = £60 if the horse finishes 1,2,3 or 4 (or however many places your grand national bookmaker is paying).
So in combination your £20 bet will pay £210 + £60 (both parts of the bet) if the horse wins but just £60 if it finished 2nd, 3rd, or 4th. There's no difference in payout between any of these places. (ie. you get no more for it finishing 2nd than you do for finishing 4th)