The man said, "No problem Sir. An each way bet is split into two stakes. The first is a bet on the horse to win. The second is a proportional bet on the horse to finish in a place. This can be first, second, third or even fourth, depending on the amount of horses running in the race."
I said, "That sounds perfect for me! Can I have two pounds each way on number four please?"
"No," he replied.
"Oh," I said, "And why's that?"
Spoiler:

