Definition of Place Bet

What does the term "place bet" mean in the world of horse racing? What is meant by the term "place bet"?

In horse racing, the term "place bet" refers to a bet where you are wagering if a horse will finish in the top 2.

With the place bet, you win if the horse finishes:

1) First
2) Second

The place bet offers better odds than the show bet (where you win if a horse finishes top three) but worse odds than a "win bet" (betting on if a horse will win).

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For instance, let's say that you bet on "Colonel Mustard" to place in a race. The odds are 2.00, and you put down £100.

"Colonel Mustard" ends up finishing in second place, which means that you win your bet.

So, because the odds were 2.00, you will double your wager, as you will receive a total of £200 back from the sportsbook.

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This is the "place bet", and it's one of the easiest bets that you can place in horse racing.