Definition

Noun: A place bet is a type of wager, typically in horse or greyhound racing, where the bettor wins if the selected competitor finishes the race in either first or second position. The bet is not won if the selection finishes third or lower.

Usage

This term is used almost exclusively in the context of gambling on races. It specifies the conditions for winning the wager. - You make a place bet when you believe an entry will perform very well but are not confident it will win. - The odds and payout for a place bet are lower than for a "win" bet (betting on first place only).

Examples

• "I don't think the favorite will win, so I'll put a place bet on it instead."
• "Her place bet on the longshot paid out when it came in second."
• "To hedge his risk, he made a win bet and a place bet on the same horse."

Advanced Usage

• Each-Way Bet: This is a combined bet, consisting of two parts: a "win" bet and a place bet. It is effectively two bets in one. If the selection wins, both parts pay out. If it only places (finishes second, or sometimes third depending on the race), only the place bet part pays out.
• The specific conditions for a place bet (e.g., paying out for 1st/2nd or 1st/2nd/3rd) can depend on the number of runners in a race and the rules of the betting organization.

Variants and Related Words

• To place (verb): In racing terminology, a horse that "places" finishes in a paid position (usually first, second, or sometimes third). "The horse placed second."
• Win Bet (noun): A bet that a selection will finish first.
• Show Bet (noun): In some contexts (primarily North America), a bet that a selection will finish first, second, third.

Synonyms

• Place wager
• Each-way bet (specifically the "place" component of it)

Related Terms (Not Phrasal Verbs)

• Place Pool: The total amount of money wagered by all bettors on the place bet for a particular race.
• Place Odds: The betting odds offered for a successful place bet.

Noun

1. a bet that a horse will finish a race no worse than second