Place Bet – Horse Racing
Understanding Horse Racing Place Bets
New horse racing enthusiasts often ask, “What is a Place bet in horse racing?” A Place bet is one of the easiest bets you can make in racing: simply pick the horse you think will cross the wire first or second.
The Place bet payoffs are lower than a Win bet because the pool of monies wagered is split between the horse that wins and the the horse that is the runner-up. That said, watching the toteboard for an overlay in the pool can be a very profitable way to play a Place bet on horse racing.
What is the minimum wager amount for a Place bet?
The minimum stake for a Place bet is $2. Some tracks have experimented with a $1 or even $.50 option, but that has not yet become popular.
Place bets made online have the same minimum as betting Place bets made at the horse racing track.
Can I bet a horse to Win and Place?
Yes! Making a Win-Place bet will double the cost of your ticket because you are betting into each pool.
How much can I win on a Place bet?
Winnings on Place bets are unlimited and based on the odds when the pools close at post time. Payoffs are calculated by the total pool less the track’s commission (called takeout), then divided among all the winning tickets. If you had wagered $2 and correctly picked a winning Place bet in the 2016 Belmont Stakes…
… The Place payoff would have been $14.60 for a wager on the horse Creator (1st place finisher) or $9.40 for a wager on the horse Destin (2nd place finisher). A winning Place Bet from last year’s Belmont Stakes generated a favorable (approximate) 7-1 payout or 5-2 payout depending on which Top 2 finishing horse was selected.