When looking at odds on a golf tourney I notice some books list a wager as "EW Terms (1/5 Odds, 6 Places)". What exactly does this mean?
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"Each Way" betting.
In your example those are the odds for the golfer to finish in 1st through 6 place. Usually you bet it with a golfer you are taking the future with as well, a sort of double dip if he wins, but a little bit of a cushion if he comes up short. But even if you don't have the future, the Each Way bet covers the win as well, but pays those shorter odds.
Some golfers get hot and finish top 5 a few times in a row, EW bettors cash in on those.
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