Horse racing has gradually evolved into one of the most followed and chosen sports to wager on in many parts of the globe. It is wagering on horse races that ultimately attracts the attention of most people and, more specifically, the opportunity to bag thumping payouts with small stakes. There are several bet types punters can resort to if they are total novices or are looking to remove the complexities from their horse racing betting session.
Thus, if gambling enthusiasts want to make sure that they will be up and wagering on horse races in next to no time, straight bets might do the trick. If they learn how to employ these wager types properly, gambling enthusiasts will undoubtedly stand a better chance to maximize their profits.
Place bets are wagers many punters prefer to take because of their better odds of winning and simplicity. In order for sports bettors to be ahead of the game, they should know how place bets work, how their odds are determined, and what payouts they offer.
How to Make Place Bets when Wagering on Horse Races
The appeal of horse races can undoubtedly be ascribed to their exciting nature, and what adds to their popularity is that even total rookies can place bets without much preparation. Punters will have an easy time getting started with their betting session if they go for the traditional horse racing bets, place bets included. With all the traditional bet types, the horse needs to become an outright winner of the race or place in a specific order in order for punters to get a payout.
The reason why making place bets might be challenging is that picking the criteria according to which punters will decide which horse to back might not be that easy. In many cases, the horse that is expected to take the second position fails to meet the expectations of punters and finishes in another position. In order to increase their chances of making correct picks, punters should read up on the previous performances of the horse and the current form.
Gambling aficionados should remember that the rules according to which place bets are made might vary between the betting sites that offer horse race betting. The knowledge punters will need in order to start making these bets is that in order for place bets to hit, the horse they have made a bet on should come first or second in the official finish.
In other words, punters make a bet that their selection will perform well in the race but that it might not come up first in the competition. Even if punters make a bet that a horse will place and that runner wins the race, they will only get the place price and will not get a payout for a win bet.
Obviously, place bets give punters far greater chances of winning in comparison with win bets that award payouts on one occasion only. What should be noted, however, is that the riskier the bet is, the greater the potential returns will be.
Until they get confident in betting on horse races, punters are advised to steer clear of making wagers that cover multiple horses and events. Even though the payouts straight bets, place bets included, are nowhere as impressive as the ones exotic bets offer, gambling enthusiasts should not be carried away by the potential returns but focus more on the odds of winning.
Gambling enthusiasts should bear in mind that in order for place bets to be offered, there should be at least five runners in the race they want to bet on. If the contenders are four or fewer, and gambling enthusiasts insist on making a straight bet, their options might include win and show bets or, on some occasions, win bets only. Yet, finding races in which there are just four contenders will be a rarity.
Why the Rules for Place Bets Vary
Place bets might be a good alternative for gambling enthusiasts who are looking to make a straight bet with slightly better odds than win bets. In fact, such bets can turn out to be quite profitable, which is the reason why sports bettors find them so appealing.
Depending on the horse race betting site punters have picked, they might be offered a payout for their place between whenever the horse finishes in the places. In addition to the field size, the number of contenders in the race will also have an impact on the number of positions covered.
On most occasions, when the number of contenders that are scheduled at the time when the place market is created is between five to seven, the covered positions will be two. If the runners in the race are between eight and 12, the covered positions will most likely be three. Yet, this will only be the case if punters do not want to bet on handicap races.
With handicap races, the covered depositions will be three only if the number of contenders ranges between 12 and 15. If the horses running in the race are 16 or more, then, the covered positions will be four. Thus, if we suppose that you have made a place bet on a handicap race with nine contenders, your bet will award a payout on the condition that the horse you have picked finishes first or second.
Are There Special Rules for Place Bets
Gambling enthusiasts who prefer to stick to place bets might benefit from enhanced rules for such bets, especially when it comes to major horse races. Thus, if punters are keen on wagering on such races, their palace bet might award a payout if the horse they have picked finishes in one of the top five or even top eight positions, but this is only sportsbook-specific. The size of the field is yet another factor that will determine the number of places punters can place bets on.
Because of this, it is always a good idea to check the sports betting platforms that offer odds for the race you want to bet in order to ensure that you will get the best offer.
How to Combine Place Bets with Other Bet Types
The each-way betting system makes it possible for punters to tie in all traditional wager types, including win, show, and place bets. When place bets are concerned, punters can combine them with win and show bets. Making a win/place bet means that if the horse punters have bet on wins the race, they will get payouts for both bets. Still, if the horse comes second, they will only get a payout for the place bet.
If they prefer to make a place/show each-way bet, gambling aficionados will be in for a payout for both parts of the wager if the horse they have chosen finishes second in the race. If the runner finishes in the third position, the show bet will be the only one to pay.
No matter which of these options punters will pick, they should keep in mind that if they intend to put $10 at a stake, an each-way bet will cost them $20 because $10 will be used for the place bet, and another $10 will be used for the win or show part of their ticket.
Place Bets Payouts
Normally, while making a place and other traditional bets, punters will not be allowed to go for amounts smaller than $2. Still, these days, they might find betting platforms that have reduced the minimum bet amount to $1 or even to $0,50. What punters should take into account is that making a place bet will double the cost of their ticket simply because they will make bets in both pools.
While making place and show bets, gambling enthusiasts should bear in mind that the odds and the potential returns that will come their way will not be readily available if the pari-mutuel betting system is employed. It is worth mentioning that gambling enthusiasts might be able to work out the approximate payouts using the amount of money staked on each horse in the pool for place bets, and the pool for each wager type.
Still, if sports bettors want to get an idea of their potential returns when the pari-mutuel betting system is used, the first thing they need to pay attention to is the bookie’s takeout. Then, the remaining amount should be divided by the amount staked on each runner in the race.
In terms of payouts, place bets are easier to cash when compared to win bets, which goes to explain why the returns are not that substantial. The payoffs are smaller also because the pool will be divided two ways, between the winner and the runner-up, instead of one way, which is the case with bets placed on the outright winner of the race.
As punters can see, in this example, win tickets offer payouts of $12. What gambling aficionados should keep in mind is that generally, the amount of money staked on the pools of traditional bets is proportionate. What might grab the attention of punters, however, is that the payouts for place and show bets are reduced, and as we explained already, this is because the pool is divided between two and three horses, respectively.
Yet, if the horse race betting platform punters have picked offers fixed-odds betting, the odds for place bets might be written using fractions. Thus, if we assume that punters want to bet on the outright winner of the race, and the odds are 5/1, for example, they will be offered five units for every unit they put at a stake, and in addition to this, they will get their original bet.
With place odds, on the other hand, they will offer payouts that are a portion of the returns win bets provide. On most occasions, the place odds are either a quarter or a fifth of the odds introduced for the horse to win the race. Naturally, the number of covered positions will have an impact on the returns winning place bets will provide, and the odds for such bets might look like this:
|When the runners are four or fewer||Punters can only go for win bets|
|When the runners are five to seven, and the horse finishes in one of the top three positions||¼|
|When the runners are more than eight and the horse finishes in one of the top three positions||⅕|
|Handicap races with from 12 to 15 contenders, and the horse finishes in one of the first three positions||¼|
|Handicap races with more than 16 contenders, and the horse finishes in one of the first four positions||¼|
Thus, if we assume that the horse gambling enthusiasts have decided to back is an 8/1 winner, the place bets they will be offered will be 2/1.
These industry-standard place terms and odds are mainly used by UK sports betting platforms and apply not only to horse race betting but to wagering on greyhounds as well. It is a must for gambling enthusiasts to acquaint themselves with the place terms before they go ahead with their real-money bets because they will vary between the horse race betting platforms. Punters should also pay close attention to the fine print, which has to do with the occasions when there are non-runners in the race because this will affect the way place bets are settled.
It is worth mentioning that fixed-odds betting is mainly offered when making future bets on horse races, and such betting opportunities are made available well before the actual betting on the horse race takes place.