What does EW mean in horse racing?

“EW” in horse racing stands for an “each way” bet. The term is mainly used in Europe, but the same technique can be applied in any pari-mutuel setting. An EW wager is essentially two bets, one backing an entrant to win and another to place, or run second.

So if you bet a $2 EW, your cost would be twice the basic unit, or $4 in this case. If your competitor runs first or second, you will collect either two payoffs – win and place – or one if it’s a runner-up finish. Most experienced bettors prefer to focus on win bets, but if you like an entrant at long odds, an EW wager may make perfect sense.