An outright selection follows a player through the tournament. You’re backing him to lift the Sid Waddell Trophy, rather than to beat the next opponent. A first-round victory leaves that bet unresolved.
The draw gives you something to work with beyond names and prices. Your preferred two players might turn out to share a half of the draw. Only one can reach the final. A difficult quarter can also put several demanding matches in a player’s path before the later rounds.
Before that draw exists, there’s less to go on. You may also be backing someone before his participation is settled. The ante-post conditions explain what happens in that situation, including whether a non-runner’s stake is lost or returned.
If an each-way option appears, the place terms are printed with the market. They tell you the finishing positions covered and the fraction of the win odds used. With £2 entered each way, you’re spending £4: half on the win, half on the place. Whether a losing finalist receives a place return comes down to those terms.