Or six to four. Called ear'ole in tic-tac slang on account of the sign. Sometimes referred to as exes (six in slang) to rouf (four backwards), pronounced 'rofe.'
Your stake: £1 win
Horse wins: £1.50 profit
2/3 place: No pay-out
Your stake: £1 e/w (£2 bet)
Horse wins: £1.87 profit
2/3 place: £0.37 return (63p loss)
(Based on a handicap with more than 16 runners, such as the Grand National. The amount and number of each-way payouts varies depending on the size of field and type of race)