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A 2-way bet (also called a 1 2 bet) involves betting on two possible results. This type of bet is common for sports with no draws (e.g. tennis). Either the first prediction is correct = 1 or the second prediction is correct = 2.
Numerous special bets on sports with only two possible outcomes are also 2-way.
Example: A bet is placed on the outcome of a tennis match between Federer and Nadal.
The bet can be on a win by Federer (1) or Nadal (2).
The bet is won if the correct result is predicted.