Place Bets Meaning
New customers only. Place your FIRST bet on any sportsbook market and if it loses we will refund your stake in CASH. Max refund for this offer is £20. Only deposits made using Cards or Apple Pay will qualify for this promotion. Paddy's Rewards Club: Get a £10 free bet when you place 5x bets of £10+. There are various types of pari-mutuel bets you can place in horse racing, these include: Win: You bet on the horse you think will win. Place: You bet on a horse to finish second, but win if the horse comes first or second. Show: You bet on the horse you think will finish third and win if the horse finishes first, second, or third. The Place Bet: My Favorite Bet on the Table Y You can make a Place bet on any of the point numbers, which are the 4, 5, 6, 8, 9, and 10. As with most other bets on the table, the Place bet plays against the 7.
Betting on a horse race for the first time — even the first few times — can be an intimidating endeavor. What are all of these options? Here’s all the lingo you need to know before you place your first bet:
The Basics
Winbet – A bet on a horse to finish first.
Place bet – A bet on a horse to finish first or second.
Show bet – A bet on a horse to finish in the money; third or better.
In the money – A horse that finishes first, second, or third.
Across the board – A bet on a horse to win, place, and show. If the horse wins, the bettor collects three ways; if second, two ways (place, show); and if third, one way, losing the win and place bets. It’s actually three bets.
Morning line – The odds that the track handicapper predicts a horse will go off at.
Ready for the Next Step?
Exotic (bet) – Any bet other than win, place, or show that requires multiple combinations. Examples of exotic wagers are exacta, trifecta, Pick 6, Pick 4.
Daily Double (or Double) – Type of bet calling for the selection of winners of two consecutive races.
Exacta – A wager in which the first two finishers in a race, in exact order of finish, must be picked.
Box – A betting term denoting a combination bet whereby all possible numeric combinations are covered for certain horses.
Place Bets Meaning Synonyms
Exacta box – A wager in which all possible combinations using a given number of horses are selected. For example, an exacta box using horses 2,4,6 would produce a winning ticket if any two of those three horses finished first and second, regardless of the order (2-6, 4-2, 6-4, etc.).
Trifecta – A bet in which the first three finishers must be selected in exact order.
Trifecta box – A trifecta wager in which all possible combinations using a given number of horses are bet upon.
Pick (6 or other number) – A type of multi-race bet in which the winners of all the included races must be selected. Pick 3, Pick 4, Pick 5, Pick 6 are commonly used by tracks in the United States.
Brush Up on Gambling Lingo
Bounce – A racehorse’s especially poor performance on the heels of an especially good one.
Chalk – Betting favorite in a race.
Chalk player – Gambler who wagers on favorites.
Key horse – A single horse used in multiple combinations in an exotic bet.
On the board – Finishing among the first three.
On the nose – Betting a horse to win only.
Overlay – A horse whose odds are greater than its potential to win. Professional bettors target overlays, meaning they target bets that offer better than fair value odds.
Place Bet Online
Underlay – A horse whose odds are less than than his potential to win. Betting horses whose odds are worse than fair value is a poor strategy.
Parlay – A multi-race bet in which all winnings are subsequently wagered on a succeeding race.
Speed Figure – A metric that rates a horse’s performance in a race, which is determined by a combination of the horse’s performance and the level of competition he/she competed against.
Wheel – Betting all possible combinations in an exotic wager using at least one horse as the key.
1. How Often Does a Horse Run a Place?
Over the years, I’ve had a number of punters ask me about place betting strategies and whether they are likely to win. On the surface it seems like a good idea to find horses that you really like to win and then back them to place. You will enjoy more regular collects, turn what would have been some losing days into winning days and the profits will slowly accumulate, right?
Unfortunately, what is good in theory doesn’t often translate to practice and that’s certainly the case with place betting. The reality is that on average, the value in place betting markets is significantly less than win betting markets and is therefore much more difficult to profit from.
To properly analyse the merits of place betting you first need to understand how often a horse that has a certain chance of winning, will actually run a place.Consider an example where you like a horse in the market at $6.00 and believe it’s closer to a $4.80 or $5.00 chance. Do you know how often this horse can be expected to run a place?
Make Bets Meaning
In the example above, assuming your $4.80 to $5.00 assessed price is correct, you can expect the horse to run a place (1st to 3rd) 52% – 53% of the time.It’s easy to think that you like a horse so much and feel so confident about its chance of winning, that it’s almost certain to run a place, but the reality is far different.
The table below shows the historical place strike rate of horses based on their true win price / actual win percentage.
| True Win Price | Actual Win % | Actual Place % |
|---|---|---|
| $2.00 | 50.0% | 81.0% |
| $2.00 | 40.0% | 74.0% |
| $3.00 | 33.3% | 68.0% |
| $4.00 | 25.0% | 59.0% |
| $5.00 | 20.0% | 52.0% |
| $7.50 | 13.3% | 41.0% |
| $10.00 | 10.0% | 34.0% |
| $15.00 | 6.7% | 26.0% |
| $21.00 | 4.8% | 20.5% |
| $26.00 | 3.8% | 17.0% |
| $31.00 | 3.2% | 15.5% |
| $51.00 | 2.0% | 10.5% |
Note: This does not mean that a horse $5.00 in the market has a 52% place chance.
On average horses at $5.00 in the market only win approximately 18% of the time, not 20%. They’re true win price is closer to $5.50, which means they will run a place approximately 49.5% of the time.Once you have an understanding of the expected place strike rate for a horse’s true winning chance, you can work out the correct place price.
Two Place Prices
| Actual Win % | True Win Price | Actual Place % | True Place Price |
|---|---|---|---|
| 50.0% | $2.00 | 81.0% | $1.23 |
| 40.0% | $2.50 | 74.0% | $1.35 |
| 33.3% | $3.00 | 68.0% | $1.47 |
| 25.0% | $4.00 | 59.0% | $1.69 |
| 20.0% | $5.00 | 52.0% | $1.92 |
| 13.3% | $7.50 | 41.0% | $2.44 |
| 10.0% | $10.00 | 34.0% | $2.94 |
| 6.7% | $15.00 | 26.0% | $3.85 |
| 4.8% | $21.00 | 20.5% | $4.88 |
| 3.8% | $26.00 | 17.0% | $5.88 |
| 3.2% | $31.00 | 15.5% | $6.45 |
| 2.0% | $51.00 | 10.5% | $9.52 |
Place Bets Meaning Synonym
Example: If you assess that a horse’s real chance of winning 20%, then it’s true win price should be $5.00 and its true place price should be $1.92