Have you all heard about place bets? It is a type of bet that is the most common bet when it comes to horse racing, just after the outright winner bet, which is the most popular bet in horse racing. Although it seems easy, winning a place bet consistently requires skill. Through this article, we will help you get a better understanding of place bets and how to place the place bet.
What is a place bet?
A place bet is a type of bet where your selected horse or competitor needs to finish in one of the top two positions (1st or 2nd position) in the race or an event. The specifics of the place bet can vary depending on the country and the number of participants, but in general, it is a bet on a horse to finish in the top two positions. In horse racing, the place bet is part of three main bets: outright winner, place, and show.
An outright winner bet is a bet on the horse to finish first. A place bet is a bet on the horse to finish 1st or 2nd, which is available for races with 6 or fewer horses but may vary depending on the sportsbook. A show bet is a bet on the horse to finish 1st, 2nd, or 3rd. It is also available for races with 7 or more horses but may vary depending on the sportsbook.
Different Types of Place Bets
Now that we have covered the basics of place bets, let us get into the different types of place bets.
Each way bet
An each-way bet is a bet where most of the horse racing bets are placed and is also available in the US sportsbooks. There are two parts for this bet to be placed, one for the horse to win and one for the horse to place. When you make an each-way bet, you are essentially betting half of your total stake on the horse to place.
The number of places a horse can finish in to qualify for a place bet depends on the race type and the number of runners. For place bets, the payout is typically a fraction of the win odds, which can vary. For example, imagine you place an each-way bet on a horse priced at 8/1. You decide to bet $20 each way, so your total stake is $40.
This means you are putting $20 on the horse to win and $20 on the horse to place. Assume the place terms are set at ¼ of the win odds and the race pays four places. Therefore, the place odds would be 2/1 (one-quarter of 8/1). If the horse wins the race, you receive payouts for both the win and place parts of your bet. If the horse finishes 5th or after, you lose both parts of the bet that you placed.
Show bet
The show bet is a continuation of the place bet, offering an additional position to win. Instead of only covering the top two places, a show bet pays out on the top three positions. As a result, the odds are shorter, reflecting the indeed chance of winning. What makes this different is that regardless of the position, whether your horse finishes in first, second, or third, the payout remains the same.
How to place a ‘place bet’ online
The step-by-step instructions on how to place a place bet are mentioned below; if you are looking to make a place bet, follow the instructions below.
Step 1: go to the racebook section of the sportsbook. The racebook is a sub-page of the sportsbook for the horse race betting site.
Step 2: Log in to your account if you already have an exciting account. If you don’t, then create one. Look for the Join Now button on the home page and click on it.
Step 3: Fill out the information required to create an account. The information required would be your personal information like name, email address, phone number, etc. Set a username and secure password.
Step 4: After the account is verified, go to the cashier section, and you can see the option that will let you make the payments.
Step 5: Now you have to browse through the website to choose which race to bet on. There is a feature to filter the upcoming races, so use that and pick the one you need.
Step 6: When you are ready to place the bet, you can see the options win, place, show, and from this choose the option place, which contains other options of choosing between the 1st and the 2nd. Add this to your bet slip and confirm the bet.
Conclusion
In conclusion, place bets offer a flexible option in horse race betting, and through this article, we have talked about what a place bet is and the different types of place bets there are in the market along with the steps on how to place them.
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