Place Betting in Horse Racing

01How place betting works

A place bet wins if your horse finishes in the placings — normally first, second or third, depending on field size. Place dividends are set by the parimutuel pool (on the TAB) or derived from win odds (with bookmakers), so they shrink as the win odds shorten. A $2 place dividend means a $1 place bet returns $3 including stake.

02Place terms by field size

In fields of eight or more, the first three placegetters pay; in fields of five to seven, the first two; in fields of four or fewer there's no place betting. Greyhound races typically pay two places (sometimes three in big finals). Big Saturday fields and feature races offer the most place spots — and the best place value.

03The mathematics of place betting

A place bet wins roughly three times as often as a win bet (in eight-horse fields), but pays around a quarter of the odds. Long-term, place betting on short-priced horses loses at a similar rate to win betting — the market prices it efficiently. Where place betting shines is roughies: a $26 shot whose true place chance is better than the implied ~30% is often underbet in the place pool, especially at country meetings where pools are thin.

04When to bet place

Bet place when you rate a horse's place chance well above what the dividend implies — typically lightly-raced improvers at odds in big fields, and horses resuming from a spell with strong first-up form. Multi-leg place punters (all-up place bets across races) use the high strike rate to string together collects; a three-leg place all-up at $1.80 per leg pays $5.83 from a $1 stake.

Frequently Asked Questions