A place bet is a bet type that allows a bettor to pick a runner that will finish in the first 3 placegetters. A place bet can be placed on the tote or bookmaker. The place dividend won’t be finalised by the tote until the race has finished. It will just provide an estimate on the dividend. A place bet with a bookmaker is a fixed bet. The price that you take during that time is the very same price that you’ll receive once the bet you place is successful.
Tote Place Betting
Place betting with the tote (Tab) can be inconsistent because the odds won’t be finalised until such time the race comes to a stop. This means that the prices can change.
Place Betting with Online Bookmakers
You will be given an option by online bookmakers of matching the tote dividend or taking a place divided at a fixed price. The decision is left to the bettor but it would be best to take the fixed odds on the place bet if you are worried about the price plummeting.
Example of a Place Bet
The example above shows how a bet amount of $10 is going to payout if Sepoy wins. If Sepoy runs a place, you would be getting the place dividend which is $32, bet amount of $10 multiplied by the place.