A place bet requires the bettor to select a runner to finish first, second or third.
Place means to finish in the top three places. The odds for a place bet are shorter than those for a win bet on the same runner, as it is far more likely the runner will finish inside top three than win. Place betting plays an enormous role in betting and is available as a tote betting product and also with online bookmakers.
In Australian horse racing betting, if there are between five and seven runners in the field, the place bet is only successful if the runner finishes first or second. If there are four or fewer runners, the horse has to win for the place bet to be successful.
The place bet example shows the win and place odds for Phar Lap. If Phar Lap finishes first, second or third, the $10 place bet will return a total of $25. Unlike an each-way bet, there is no difference between winning and finishing third.
Place betting with the tote (Tab) can be fickle as the odds can fluctuate until after the close of betting.
Online bookmakers provide the option of either matching the tote dividend or taking a fixed price. Products like Mid Tote Place and Best Tote Place can provide more value than fixed odds, but the prices are still prone to fluctuation until the close of betting.