What is a Place Bet in Horseracing?
A simple bet to understand, here is everything you need to know about the popular Place Bet. The ever faithful place bet in horse race betting is truly a fan favourite, easy enough to understand, you simply need to see your selection finish in one of the top three positions. Granted, there are exceptions to this, but we will unpack all of that in this article.
Image Credits: Animac Wear
Things to Consider for Your Place Bet
You should consider the following factors before you jump in for Place bet.
The Number of Runners
First things first, you need to confirm the number of runners in the race, this will determine how many places are covered. For races with 5 to 7 runners, your selected horse would need to finish in the first two places. For races with eight or more runners, your selected horse may also finish third, and for handicap races in excess of sixteen runners, you will be paid out as a place winner if your horse finishes in the first four placings.
Interpreting the Odds
The odds are displayed as either fractional or decimal. Say you pick horse number 7 to place, and the horse is trading at place odds of 3/1 (fractional example). This means that for every pound you stake for your horse to place, you could win three pounds back! This would be indicated as 3.0. as a decimal representation.
What’s the difference between fixed odds and a starting price you ask? Many top-rated sportsbooks will allow you to choose whether you want to stake your bet on fixed odds or the starting price. The benefit of fixed odds is that you are guaranteed the advertised odds and so can calculate your winnings immediately. The starting price then refers to the odds available on your selection when the race begins.
Place Bet Strategies
Here are some of our expert horse racing betting strategies for your consideration before placing your wager:
Study the Form
Research the horses’ past performances, analyse the jockey’s experience and the trainer’s track record, and consider factors such as the horse’s age and weight.
Look at the Track conditions
Understand how different track conditions can affect a horse’s performance.
Consider the Starting Prices
Analyse the starting betting prices, consider the odds-on favourites and whether they are value bets or not and the long-shot possibilities and their potential to finish in the placings.
Watch the Horse in the Paddock
For the traditionalist among us, we couldn’t leave this option out. Before every race, the horses are paraded around in an area of the track called the ‘paddock’ or ‘parade ring’. Consider how the horse is behaving and what they look like.
These aspects will stand you in good stead before wagering a couple quid, but failing this, you may also succumb to modern pressures and simply follow your favourite pundit!
You can find a few more aspects for your consideration here!
Why a Place Bet Then…
It is a really simple bet for the novice to understand, but also lucrative enough to keep even the most seasoned punter entertained.
Ryan Liberty is an experienced sports writer whose articles have featured in some of the biggest sports publications in South Africa. With a strong understanding of all major sports and an in-depth understanding of betting, Ryan consistently delivers insightful content. He's also known for his ability to break down complex topics into engaging, reader-friendly pieces.