A "Place" bet in horse racing means that you are betting on your selected horse to finish the race in either first, second or third place.
A "Place" bet can be useful when you are unsure if your horse can finish first, but quite confident he can finish in the top three. One caveat though, the odds for "Place" bets are typically in the range of one-quarter of "Win" bets. This is because the pool of monies wagered is divided between the top three horses.
Bookies list down all available runners for a race together with their corresponding "Place" odds. "Place" odds are usually located right after the "Win" odds. All you have to do is select your favorite horse and type in your stake. Your potential winnings are automatically calculated as you complete your bet slip.
Here's an example with the runners of the 2018 Melbourne Cup:
|1||Best Solution (6) T: Saeed Bin Suroor | J: Pat Cosgrave||16.00||5.00|
|2||The Cliffsofmoher (9) T: Aidan O'brien | J: Ryan Moore||23.00||7.50|
|3||Magic Circle (17) J: Corey Brown | T: Ian Williams||7.00||2.60|
|4||Chestnut Coat (4) J: Yuga Kawada | T: Yoshito Yahagi||71.00||19.00|
|5||Muntahaa (13) J: Jim Crowley | T: J H Gosden||19.00||5.50|
|6||Sound Check (16) J: Jordan Childs | T: M D Moroney||41.00||11.00|
|7||Who Shot Thebarman (18) J: Ben Melham | T: C J Waller||31.00||18.00|
|8||Ace High (22) J: Tye Angland | T: David Payne||71.00||4.00|
|9||Marmelo (10) J: Hugh Bowman | T: H Morrison||12.50||4.18|
|10||Avilius (11) J: Glyn Schofield | T: James Cummings||16.00||2.15|
|11||Yucatan (23) J: James Mcdonald | T: A O'brien||6.60||19.00|
|12||Auvray (1) J: Tommy Berry | T: R A Freedman||81.00||19.00|
|13||Finche (15) J: Zac Purton (54.0kg) | T: C J Waller||26.00||6.50|
|14||Red Cardinal (5) J: Damien Oliver | T: D K Weir||31.00||9.50|
|15||Vengeur (2) Masque J: Patrick Moloney | T: M D Moroney||71.00||14.00|
|16||Ventura Storm (7) J: Mark Zahra | T: D & B Hayes & T Dabernig||34.00||9.50|
|17||A Prince Of Arran (20) J: Michael Walker | T: Charlie Fellowes||23.00||6.50|
|18||Nakeeta (3) J: Regan Bayliss | T: Iain Jardine||81.00||26.00|
|19||Sir Charles Road (14) J: Dwayne Dunn | T: L O'sullivan & A Scott||101.00||26.00|
|20||Zacada (24) J: Damian Lane | T: M Baker & A Forsman||101.00||26.00|
|21||Runaway (12) J: Stephen Baster | T: G Waterhouse & A Bott||41.00||12.00|
|22||Youngstar (8) J: Craig Williams (51.5kg) | T: C J Waller||11.75||3.50|
|23||Cross Counter (19) J: Kerrin Mcevoy (51.0kg) | T: Charlie Appleby||12.00||2.80|
|24||Rostropovich (21) J: Wayne Lordan (51.0kg) | T: A O'brien||23.00|
Of course Cross Counter won the race and those who made "Place" bets on him won too. With "Place" odds of 2.80, a $10 stake easily returned $28.
Marmelo came in second. But those who made "Place" bets on him certainly felt like they won too! With "Place" odds of 4.00, a $10 stake easily returned $40.
A Prince Of Arran may have came in third, but those who made "Place" bets on him are the big winners among the top three finishers! With "Place" odds of 6.50, a $10 stake easily returned $65!
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