It's more common to consider a place bet on a horse that is at long odds – as it has less of a chance of winning, and will still pay decent odds for the place. Punters have a wide range of methods they use on place bets.

It's risk versus reward – that's what you have to weigh up as a punter! The place is considered an insurance option, but remember, if your runner does not finish first, second or third, then you have lost double your money. The TABs usually pay about 20% of a win bet for a successful place bet.Īt first glance, that may not appear a fair pay-out for the place as you have to finish in the first three but only get a fifth of the pay-out when comparing to the win odds.īut where many punters utilise the place bet is when betting each way, which is betting the runner to win and run a place. However, the odds you receive and thus your payout is lower than a win bet. Place bets pay out more often than win bets… you get paid if your horse finishes first, second or third, rather than only when it wins. Other Betting Types To Explore: All Up Bet | Double Bet | Duet Bet | Each Way Bet | Exacta Bet | First Four | Lay Bet | Quadrella Bet | Quinella Bet | Same Race Multi Bet | Treble Bet | Trifecta Bet | Win Bet Picture: Getty Images How Do Place Bets Work?

If your horse finishes in the top three, your bet wins. When you have a place bet, you're betting on your horse to finish in the official placings: first, second or third.

Unlike a win bet, the place bet has three options to be a successful bet – your runner can finish first, second or third.

Where to place a horse bet