each way rules confusing

Keep seeing these each way bets mentioned when folks talk about football top scorer or golf outright markets but the explanations never really click for me. I know it’s not just picking a winner, there’s some kind of split bet, but how do they actually calculate what you get back if your pick lands in the places but not first? Does the fraction they mention for place terms make much difference if the field is huge?

I spend most of my time on blackjack and promos, so sports lingo gets hazy real quick. Anyone with a clear way of thinking about these, drop your thoughts - feel like I’m missing something basic.