Depending on the type of race and the number of runners in the race you will either be paid at 1/4 or 1/5 the win odds for the place part of your each way bet.
An Each Way (E/W) bet is basically two bets - one bet is for the example the Each Way terms are a Quarter the Odds for Five Places which is written as: 1, 2, means we are paying five places (first, second, third, fourth.
For example at you may see a bet that looks like this “ Each - way 1/3 1- 2 -3 ”. This would mean that the place portion of the bet pays out 1/3 of the win odds. 1984 By George Orwell (1/3) Audiobook