Definition of Place Bet

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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.