In horse racing bets, betting each way means staking the same amount of money on the selection to win, at the stated odds, and on the selection placing 1st, 2nd or 3rd. A '£1 each way' bet would cost £2.
The odds obtained for the place bet are usually a fraction of the win bet odds and depend on the number of competing horses.
If the horse wins, both the win odds on the win bet and the place odds on the first place are returned.
If the horse finishes second, punters get only the return on the place part of the bet.
Therefore a £10 each way bet on a horse at 10-1 would return 10x10 = 100 + the stake of 10 = 110 on the win bet, and 10/5=2-1 on the place, the latter being £30 (i.e. the winnings of 2x10 plus the stake of 10).
