Place Bets: Easy Way to Win on Events

If you love horse racing, you need to know about ‘place bets’. This easy yet effective betting strategy is simple to learn and could land you with quite a tidy profit.

Today, we’re going to explain everything you need to know about place bets, so that you can have a great experience the next time you visit the best sports wagering sites online.

Ready to discover more? Let’s get started! 

What is a Place Bet? 

Place betting is a very simple concept. Primarily used in horse racing, a ‘place bet’ is where you wager on a specific horse to finish in one of the top positions.

The rules of place betting vary from region to region. In North America, for example, a place bet only pays out if the selected horse finishes in either first or second place. In other countries, such as the UK and Australia, the term ‘place bet’ sometimes refers to a wager where a horse finishes in positions 1 to 4. However, this depends on the number of runners in the race.

Place betting is a popular type of wager, as you have a higher probability of winning when compared to a straight-win bet where the horse must finish first.

Of course, the potential payout is lower than that of a straight straight-win bet, but it offers a far safer option and improves your chances of cashing out successfully. 

How to Place a Place Bet

Whether you like to use online sportsbooks or go to a physical bookmaker, making a place bet is very easy. But in case you've never done it before, let us lead you through the process with a quick guide:

●    Choose your horse race: Start by selecting the race you want to bet on. You can do this by reviewing the racing schedule and/or deciding which event interests you the most

●    Study the form guide: Before placing your bet, look at your chosen horse’s past performances. Also look at the track conditions, jockey information, and other relevant data in the form guide. This info will help you make an informed decision about which horse to bet on

●    Select your horse: Based on your research, choose the horse you believe has the best chance of finishing in one of the top positions. Remember, for a place bet your horse only needs to finish in one of the specified top spots for the bet to pay out

●    Decide your stake: Decide how much money you want to wager on your place bet. If you’re new to horse race betting, it’s best to start with a low amount until you get more experience in the sport

●    Place your bet: The next stage is to visit your favourite online sports betting site and place your bet. You already know your horse and the race you want to bet on, so now it's just a case of putting your money on your selection and then waiting for the race to begin

●    Watch the race: Now we get to the fun part! Watch your selection run the race via live stream on bookmaker websites. Don’t forget, you can place in-play bets during the race as well

●    Collect your winnings (hopefully!): If your horse finishes in one of the top positions, it’s time to collect your winnings! The top betting platforms make this very easy. Simply go to the cashier section and request a withdrawal

Types of Place Bets 

As mentioned, the term ‘place bet’ means something different, depending on the country. To understand this better, let's break down various types of place bets and where they come from.

Place bet (USA and Canada) 

When it comes to horse racing in North America, place betting is very simple. A standard place bet means that your selected horse must finish first or second in order for your bet to pay out.

Each-way bet (UK and Australia)

There are slightly different rules to place bets in the UK and Australia. In these countries, you place an ‘each-way’ bet, which is actually two bets in one.

The first is a ‘win bet’ and the second is a place bet. By putting an each-way bet on a horse, you are wagering on it to win and to also place. The place portion of the bet will pay out if the horse finishes in one of the top three or four positions, depending on the number of runners in the race.

Place parlays/accumulators

Parlays, or accumulators as they're known in the UK and Australia, involve selecting multiple horses to place in various races.

In order for a parlay to pay out, all of your selections must finish in a place position. The great thing about parlays is that the winnings from each race get carried over to the next selection, which could result in a very large profit. Of course, this is a higher-risk bet than a simple place/each-way bet.

Fixed odds place bets

If you're someone who likes to know what they're getting into, you may want to consider fixed odds place bets. This is where the online gambling site determines the odds at the time of placing the bed and these odds remain fixed.

Fixed odds place bets protect you if the odds go down closer to the race time.