A place bet is one where you place a wager on a selection finishing within the place positions of a horse race. We’re going to explain everything that you need to know about place betting, so you can confidently place these type of bets yourself.
When you put on a place bet, you are backing your horse to finishing within the first few positions of a race. Place terms in horse races are impacted by how many runners there are in the event.
When looking at what is place betting in horse racing, you need to understand that the fewer runners there are, the smaller the number of places that the bookmaker will pay out on. Races with more runners, will offer more places in their betting markets.
Here is the official breakdown of the place terms as outlined by Tattersalls Rules on Betting, who set industry standards:
Let’s give you an example to show you how a place bet works. Imagine you back a horse in a race with six runners for £10. It’s normal price is 8/1 (9.0).
If it finishes in the first two places, it will be a winning bet. You will get paid at 1/4 of the odds. At a price of 8/1, a 1/4 of the odds makes it 2/1.
Your £10 bet would pay out at 2/1, giving you a £20 win and your £10 stake returned.
You may have heard of people betting each way. An each way wager is a type of bet that covers a selection both winning and placing. Each-way terms and place terms are synonymous.
When you go each way, you are essentially placing two bets. One part of the bet goes on the selection to win. The other part is backing the selection to place. The unit stake is doubled, so if you place a £10 bet each way, it will actually cost you £20.
It’s a popular horse racing bet as essentially it allows you to bet on a runner to win, while also having some insurance. The odds in horse races are generally big enough to ensure that the place terms will at the very least see you get your money back from each-way betting, should your horse place.
Tradition fixed odds bookmakers are not the only option when it comes to making place bets. The Tote offers a pool bet service. This includes being able to put Tote place bets on a pari-mutuel pool.
In the event of a successful place bet, you will be paid out on a dividend basis. This can differ from what is being offered with traditional horse racing odds and you can end up with bigger winnings through Tote prices.
As we stated earlier, the place terms for horse race betting, are laid out in the Tattersalls Rules. Yet some bookies do offer extra place races, where they expand the amount of places that they will pay out on.
With these sort of offers, bookmakers will generally add an extra place. So a race that would generally have horse betting terms of first three, will be expanded so that the top four all place.
This obviously increases the chances of being successful when you have a place bet on horse racing. Bookies that carry this offer will apply it to selected races every day, while it is also commonly applied to big events such as the Grand National.
We think that there are a lot of positives to place bets, but as with most things, there are also some drawbacks. Here are the pros and cons as we see them.
The Grand National is the biggest race in the horse racing calendar. With so many runners, it lends itself to place bets.
Even with a reduced maximum field size, the Grand National will still have 34 runners. Picking out a winner is essentially a lottery, especially considering how many horses fall. Backing a horse to place is a more realistic aim, with many bookies offering extra place races deals on the National, to make things easier.
A Grand National place bet makes a lot of sense and if you want to be in with a chance of backing the winner, you can simply go each way. With so many runners, the basic horse odds are strong at the Grand National, so you should be able to find some value.
These are some other horse races and events where it makes sense to go for a place bet. Many are big field handicap races where using the each-way betting system is advised:
Having a place betting system or strategy to hand can make a big difference to your profitability. Here are some tips for you to follow.
By now you may be ready to put on an each way or single wager on a horse to place. We would recommend Betfred if you are planning to go down the fixed odds road, as they cover the horses in great detail and offer extra places at selected races, every day. Should you want to experiment with your types of horse racing bets and go for pari-mutuel pool place wagers, then we would direct you towards the Tote.
Place betting is one of the most common horse betting types and with good reason, as it often makes more sense than backing a horse to win. Provided it’s the right type of race with plenty of runners, such bet types make sense.
Sports betting sites offer place bets. Instead of backing a horse to win, you instead bet on it to finish within the first couple of places. The more runners there are in a race, the greater the number of positions in which a horse can place.
This depends on the place terms. Races with eight or more runners will pay at 1/5 of the odds, while races with five to seven runners, or handicaps, pay at 1/4 of the odds.
The amount of runners impacts the terms for place bets. As a general rule, the more more runners there are, the greater the number of places will be available and a smaller percentage of the odds.
Your horse will place by finishing within the first few positions in the race. Depending on the amount of runners, this could be the first two, three or four. You will get paid at a percentage of the odds, which will either be 1/4 or 1/5.
When you bet on a horse to win, it must finish first in the race. With a place bet, you are banking on the horse finishing in the first few place positions.
If you think a horse will win, go each way, which gives you one bet on the horse to win and another for it to place, which gives you some insurance. Should you be less sure, just go for a place bet.