1. adverb [ADV after v] 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 [ADJ n] 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.
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