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1.
Achieve two mutually exclusive objectives at the same time, especially in a selfish manner.
Reneé wants to have it both ways—by having her boyfriend to live with her. It involves paying on all her bills (instead of their bills) and pay child support on their daughters.
by Mr. Terrence L. Trezvant December 07, 2004
 
2.
to profit from two positions that are polar opposites
Contrary to popular belief, the powers that be can't have it both ways with drug laws.
by The Return of Light Joker September 27, 2011