Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be 1⁄2.
In horse racing in the United Kingdom, the "place" is set strictly by the Jockey Club and will depend on the size of the field (that is, how many horses are running) so that the "place" may be just 1st and 2nd, 1st 2nd and 3rd, or even 1st 2nd 3rd or 4th on a big race like the Grand National, and may pay 1⁄4 or 1⁄5 the odds.
£50 each-way on a football team 'to win the cup' at 15-2 and 1⁄3 the odds a place 1 or 2 would cost £100.
A £10 each-way single on a 10-1 selection in a horse race and paying 1⁄4 the odds a place 1, 2, or 3 would cost £20.
A £5 each-way single on a 10-1 selection in golf and paying 1⁄5 the odds a place 1, 2, 3, or 4 would cost £10.