A place bet is a type of bet where you select a horse to win first or second. It is effortless to place because all you have to do is select a runner, and when they finish in any of the first two positions, you get a payoff.
The payoffs for Place bets are lower than those of a Win bet. The lower payoff comes about because the total bets are split between the horse that wins and the runner-up. Familiarize yourself with the tote board and look out for an overlay if you want to make profits.
If you use online betting and play at a casino, we recommend that you also pay attention to the list of casinos with high payouts, often the payout including horse racing there is higher.
The History of Horse Racing
Horse racing began in the 18th Century, and the English did not shy away from the sport. Today, horse racing is a sport that many look at with awe. It is a sport that both punters and horse lovers embrace equally.
In 1776, England initiated the first horse race, and it was called St. Leger. Other horse races that succeeded the first horse race were Oaks in 1779 and the Derby in 1780.
Horse racing has come a long way, considering that you can bet from anywhere in the world today. You don’t have to be on a race track. You can visit a betting site that offers horse racing and place your bet.
Types of bets in horse racing
- Place bets
- Win bets
- Win-Place bets
- Show bets
- Exotic bets
A Win bet is when you wager on a particular horse to win the race. Unlike other bets where you can choose two or more positions for the win, with this bet, you only choose one horse, one position.
A Show bet indicates that the horse you wager on must finish first, second or third. This bet gives some flexibility even though the payoff will be lower than a Win or Place bet.
A win-Place bet is a double bet involving you placing two bets: the Win bet and the Place bet. If your horse wins the first position, you win both bets, but if your horse gets second place, you will only win the Place bet.
Exotic bets are different bet options that include exacta, trifecta, and superfecta. Exacta bets will require you to select two horses that will come in the first and second positions in that order. Another alternative is the exact box option, whereby either horse can finish first or second.
Trifecta bets involve you choosing three horses that will finish in the first, second, and third positions in that order. You can also choose the trifecta box option.
Superfecta bets involve choosing four horses to compete for the first position through position four in that exact order. Also, with this bet, you can opt for the trifecta box.
The Minimum Bet Amount for a Place Bet
Now that you know what a Place bet is, you must be curious about the minimum amount you can wager. Well, the minimum wager amount is $2. Other tracks have tried bet amounts like $1 and $0.50, but these are yet to pick up in the market.
You can either place bets online or on the horse track. Both bets are subject to the same rules and conditions.
Can You Place a Win-Place Bet?
Yes, you can. Remember that your wager cost will double because you are making more than one bet.
How Much Can You Win on a Place Bet?
Place bet winnings are unlimited and depend on the odds at post time. Your winnings will be the total wager amounts in the pool minus the takeout. The resulting amount will then be divided amongst all the winners.
The higher the odds, the better a chance you stand to make profitable winnings. If the odds are 20-1, for a $1 bet, you will get a payoff of $20.
How Do You Pick a Winner?
When you venture into betting, the end game is usually to win money. But, how do you choose a horse that will ensure that you will get something in return? Well, pay close attention to the horse and even previous data.
Although it is not easy to choose a winner, you should look for several things in a horse. Every sport needs confidence, and hence a horse that seems to exude energy and be aware of its surroundings might be a winner. Horses that display nervous behavior might not perform that well.
Something else you should look into is the trainer data and the horse’s performance in previous races. With such information, you can draw conclusions that will inform the choice of your bet.
Since placing bets on horses is a game of luck, it’s up to you to choose the horse that you think can win. In gambling, make sure to bet responsibly and know when to stop.