Place betting is one of the most popular betting alternatives when it comes to wagering on horse racing.
It is particularly popular when betting on the biggest races throughout the season, with extra value to be had on races such as the Kentucky Derby and the Grand National, due to the field sizes that both races are able to attract.
However, how does a place bet work and how much could it potentially pay should a punter have a winning selection?
What Is A Place Bet?
A place bet is slightly different to placing a wager on the win market. The biggest difference is that this type of market will cover the selection finishing in both first and second. Therefore, there will be a higher implied chance of winning a wager by betting on this market.
However, bettors that are looking to place a wager on the favourite will often avoid this market, as the returns for the selection finish second wouldn’t make it worthwhile.
Place Bet Odds
The odds that bettors will get paid out will differ slightly when wagering on the place market compared to the win market. In this market, the odds will be considerably shorter, as there is theoretically a better chance of the outcome being achieved.
For example, in an eight-horse field, a selection that is 10/1 to win the race will be around 5/2. However, it remains a popular betting alternative for those that are just looking to get winners and aren’t necessarily looking to break the bank with their returns.
Highest Probability Of Returns
Despite having the opportunity to gain returns from a horse placing, there implied chance of winning will depend on the number of runners in the field. For example, in an eight-horse field, there is a 40% chance of getting one of the first two horses home.
However, in a seven-horse field, this chance drops to just below 30%. Show betting becomes more popular with U.S. sportsbooks when it comes to races that feature between eight and 15 runners, as it’s more likely that a selection will finish in the top three.
A show bet has a 37.5% chance in an eight-runner affair, while that rate drops to 20% in a 14-runner field. However, the odds will typically be more competitive in a bigger field, which means that it creates a solid betting option for bettors.
Comparison To Each-Way Betting
Each-way betting is a very popular option with offshore sides, as it covers the win and place bet. However, many punters are often torn between placing a place bet or doubling down and wagering on an each-way selection.
For many, place betting is the best way to wager on a potential outsider, as bets on the each-way market will often see punters get lower returns than their stakes if they have wagered on the favourite. This is echoed by the fact that 31% of the winners in 2020 were fourth in the betting, while 25% of the winners in the same year were fifth in the betting.
Pros Of Place Betting
One of the biggest pros that come with place betting is the opportunity to get returns from your selection even if your selection isn’t the winner of the race. It is also an excellent way to take on the favourite in the betting, as evidence shows that two-thirds of the market favourites get beaten on average.
Therefore, place betting could be a more enjoyable way to place wagers on the action throughout the season, not only on the biggest races on the calendar.
