What is place betting in horse racing?
The “place bet” in horse racing is a wager on a single horse to finish in first or second place. In this case, the bettor is said to be “betting on the horse to place.”
A place bet wins if the horse finishes anywhere in the top two places. Whether the horse finishes in first or second does not matter – the bet wins and pays as long as the horse finishes somewhere in the top two. If the selected horse finishes anywhere outside the top two places, the place bet loses.
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Place bets in horse racing, along with win and show bets, are categorized as “straight bets.” All other parimutuel wagers fall into the “exotic bets” classification.
Place Bet Odds And Payoffs
Backing a horse with a place bet does not pay as well as backing that same horse with a win bet, but that’s to be expected in return for opening two paths to earning a payout: a first or second-place finish.
A place bet on the race favorite often yields odds-on or even money payouts. Moving further down the starting lineup, bettors can still get relatively attractive odds on less favored horses. As always, the odds depend entirely on how the public views each horse and the amount of money that pours into each betting pool. Getting 10-1 on a place bet is not uncommon in horse racing.
How To Make A Place Bet Online
Place betting in horse racing is almost as easy as submitting a win bet on any horse. The only difference is that bettors must first select the type of bet they want to place. Online racebooks typically offer win bets by default when fans open the wagering interface for any race, so bettors must change the wager type to place before continuing.
Every horse racing betting site has a unique wagering interface, but the basic layout is similar across the board. For example, the red circle in the following screenshot shows where users can change the type of bet from win to place.
After choosing the place bet option and inputting an amount to wager, fans can then select any horse to submit a wager that will pay if the chosen horse finishes in first or second place.
When Place Bets Make Sense In Horse Racing
The place bet is a useful wager when the bettor feels good about one of the horses a little further down in the field but isn’t quite confident enough in that horse to place a win bet only. In this case, the win bet comes in handy by giving the bettor a second path to victory will still providing relatively attractive payout odds.
From this point of view, the place bet serves as a more conservative form of the win bet. The selected horse must perform well, but the bettor has a little room for error. The place bet works well in letting bettors back a horse and still collect if the horse comes up just a little short but without sacrificing too much in payout odds (in most cases).
Handicappers can also use the place bet on a race favorite just in case the horse comes up a little short, but they should be prepared for a reduced payout. The tradeoff in this case is more security in exchange for a lower potential win.
Yet another option is to combine a win bet with a place bet. The handicapper who wants security but still a chance to win a larger payout if the horse wins can put a place bet and a win bet on a single horse. If the horse wins, both bets pay. If the horse finishes in second, the place bet still wins.
Horse Racing Place Bets FAQ
Mike Murphy is the founder of BettingUSA.com and has over 10 years of experience in the legal gambling industry. A regular attendee of industry trade shows and conferences, Mike is a strong proponent in the idea of a well regulated online betting industry.