Place Bet in Horse Racing – Understanding the Basics
Last Updated: March 5, 2023
When it comes to betting on horses, the place bet is one of the most popular bets amongst both amateur and professional punters.
If you are wondering what does place mean in horse racing, you have come to the right place. We will break down everything there is to know about this bet type in this article.
In the simplest of terms, the place bet allows horse bettors to bet on a horse to finish in one of the first two places.
What Is a Place Bet in Horse Racing?
Placing a to place bet on a horse means that the punter is betting on that horse to finish in the first or second place.
The place bet is similar to other bet types such as the to win bet and the to show bet, and because of this a portion of new horse bettors often confuses it with one or the other.
With this said, each of these bets is unique in the following way:
- To win bet – allows bettors to bet which horse will finish in first place
- To place bet – allows bettors to bet which horse will finish in first or second
- To show bet – allows bettors to bet which horse will finish in first, second, or third place,
As you can see the place bet is somewhere in the middle. It gives bettors more room for a mistake than the to win bet but less room for a mistake than the to show bet.
In accordance with this, win bet gives punters the best odds. The to show bet gives punters the lowest odds but better winning chances. The to place bet represents a good balance between the two
Because this bet is more balanced than the other two, a lot of punters like to go with this option instead of the other two.
What Are the Odds for a To Place Bet in Horse Racing?
The odds for each individual bet will depend on the odds for the horse you are betting on as well as on the bookmaker you are using.
In addition to this, the odds are based on the number of horses that are participating in the race. The more races are running, the higher the odds for the to place bet will be.
On average, the odds for the to place bet will be around 30% lower than those for the to win bet. However, this may vary from race to race and from bookmaker to bookmaker, depending on other factors.
This bet is closely tied to the to win bet, so you can expect these odds to follow the odds for the win when it comes to the fluctuation of the odds.
What Is the Minimum Stake for a To Place Bet in Horse Racing?
The minimum stake for the to place bet will depend on the bookmaker you are using. With this said, most US online bookmakers set the minimum limit for a to place bet at $2.
The $2 minimum is somewhat of an industry standard. However, if you search really hard, you might find some online bookmakers that are willing to accept a to place bet for as little as $1 or even $.50.
What Is the Maximum Win for the To Place Bet in Horse Racing?
The winnings for each to place bet depend on the horse's chances and the bookmaker you are using.
In theory, there isn’t a cap on the maximum winnings for a to place bet.
However, in reality, online operators will sometimes have limits for winning and payouts. This rule might limit the total winnings for any bet type.
Because of this, it is always a good idea to read the terms and conditions of the site before you start investing your money.
How Can I Place a To Place Bet in Horse Racing?
The process of placing this bet on an online betting site can be a little tricky if you don’t have experience with betting on horses. So, we decided to write down all the necessary steps of the process.
- Open your online bookie and log in
- Open the section “Horse Racing”
- Select the race for which you want to stake the to place bet
- Select the horse that you think will finish in one of the first two places
- In the bet slip select the “To Place” option
- Type in your stake
- Select the “Place Bet” option
Remember, when placing a bet online, always double-check the odds and your stake. This way, you will prevent yourself from making mistakes in both departments.
Best Horse Betting Strategies for the To Place Bet
If you are new to the to place bet, you might think that one of the best strategies is to select a horse that you think will win the race and then proceed to put a to place bet on it.
In theory, this strategy looks almost bulletproof. However, one thing that you need to consider is the odds you are getting.
The odds for the to place bet are much lower than the odds for the to win bet, and this is what makes this betting strategy not viable.
You can search for this strategy online, and you will see that all of the punters that have done a deep analysis of this strategy have concluded, that in the long run, this approach will lose you money.
Avoid In-Play Betting
Live betting can be extremely profitable in some sports. However, when it comes to horse racing, on most occasions this will be a losing approach, especially if you don’t have any experience with it.
A lot of people don’t know but live streams of horse races are usually at least three seconds late. So, if you are using it as a reference point, you are essentially blind betting as the situation on the course might be totally different.
The odds for the selections go hand in hand with the situation on the track and not the stream that you are watching.
This can lead to you thinking that you have come across some great odds when in reality, your live stream is late thee seconds and in the meantime, the situation has completely changed.
The only time when live betting can be a profitable venture is if you are watching the race live at the track and have all the information in real-time.
Avoid Cashing Out
The cash-out option has become extremely popular amongst online betting sites. Nowadays most online operators will offer this feature on their platforms.
As always, the main reason why bookmakers offer features like the cash out is that, in the long run, it is making them money.
You see, each time the bookmaker is offering you a certain amount of money for a cash-out, in reality, they are offering you a significantly lower payout than are the odds for winning your bet.
Although it might look enticing to cash in on your bet immediately and not wait for the race to finish, each time you do this, you are costing yourself 20% or more of your winnings and this adds up quickly.
The only time when it can be a good idea to make a cash out is when something extreme has happened, and your chances of winning the bet are much lower than the cash-out. This can occur when the bookmakers are late to receive information.
Go Odds Shopping
Odds shopping is a strategy in which punters search across multiple betting sites so that they could place the bet at the best possible odds.
This strategy is very simple. The only thing that you need to do is create betting accounts at multiple online bookies, and check the betting odds at each and every one of them before you place a bet.
If you place the bet at the best odds the majority of the time, this will add up over the long run and will significantly increase your winnings.
Since odds shopping is so straightforward and easy to implement, there really isn’t any excuse for not doing it.
Final Thoughts on the Place Bet in Horse Racing
Just like the to win and the to show bet, the to place bet is one of the easiest bets to learn and implement.
After reading this article you should already have a pretty good idea of what the to place bet is and how to implement it.
For newbie horse bettors, this is one of the fundamental bet types that they should learn as soon as they start their betting journey.