Q&A What

What Does It Mean To Place A Show Bet

Unlike a win bet, the place bet has three options to be a successful bet – your runner can finish first, second or third.

When you have a place bet, you're betting on your horse to finish in the official placings: first, second or third. If your horse finishes in the top three, your bet wins.

Picture: Getty Images

How Do Place Bets Work?

Place bets pay out more often than win bets… you get paid if your horse finishes first, second or third, rather than only when it wins.However, the odds you receive and thus your payout is lower than a win bet.

The TABs usually pay about 20% of a win bet for a successful place bet.At first glance, that may not appear a fair pay-out for the place as you have to finish in the first three but only get a fifth of the pay-out when comparing to the win odds.But where many punters utilise the place bet is when betting each way, which is betting the runner to win and run a place.The place is considered an insurance option, but remember, if your runner does not finish first, second or third, then you have lost double your money.

It's risk versus reward – that's what you have to weigh up as a punter!

Place Betting Methods

Punters have a wide range of methods they use on place bets.

It's more common to consider a place bet on a horse that is at long odds – as it has less of a chance of winning, and will still pay decent odds for the place.

Place betting is less popular with short-priced horses and favourites: they're much more likely to win, and the place odds can be so small that a place bet is not attractive.

Place Betting Tips

For the best place betting tips, stay tuned to our horse racing tips page which is updated daily.

Our experts nominate their top three or four chances in a race, so they can help guide you with your place betting!

Place Bets on Small Fields

Usually there are eight or more horses in the race, and place bets pay for first, second and third. This is by far the most common scenario.However, there are some differences with place bets for small race fields.

If there are between five and seven runners in a race, place bets only pay for first and second. There is no place betting in races with between two and four starters.

Place Bet Odds

Place bet odds are lower than win bet odds – the bookmaker has to pay out on three horses rather than just the winner.

So you have a greater chance of a payout than a win bet, but the odds are lower than a win bet.

How Much Does a Place Bet Pay?

A place bet payout is very simple.

The payout is whatever your bet was, multiplied by the place odds.

For example: a $100 bet on a horse paying $2 for the place means your payout is $200 (a profit of $100).

$100 x $2 = $200

Bet x Place Odds = Payout

What is the Best Place Betting System?

That's something you'll have to work out as a punter!

If you head to the horse racing results section on Racenet, you can see the place prices that have been paid in the past.

This will allow you to test any place betting system you come up with.

Win or Place Bet?

Place bets pay more often, win bets pay more.Typically, place bets are more attractive on horses at longer odds, and the place odds are still reasonable. The place bets on very short-priced horses are extremely low, so most punters elect for a simple win bet.

Win or place bet… it's up to you!

How Much Do Place Bets Cost?

There's no limit on the cost of a place bet – it can be as big or as small as your bookie is willing to accept.

All Up Place Betting

An option where punters find value in the place bet, is an all up place bet. Do note, that in most state TABs, an all up bet is now called a parlay bet.

An all up place bet can be financially rewarding if you take multiple runners in an all up bet.

Here is an example if you took four runners in an all up place bet and they all finished in the first three:

Your dividend pay-out, based on a $1 investment, would be multiplying $2.50 x $2.20 x $1.60 x $1.80 = $13.90.

Now, that is not a bad day's fun over a quiet beer with a few mates.

Place Bet FAQs

Lay Bet vs Place Bet

Lay betting is a different form of betting compared to a place bet.

It's available on a betting exchange, which hosts bets between punters who think a horse will win and those who think it'll lose.

If you place a lay bet, you're betting on the horse not to win – the opposite to a typical bet.

If the horse wins, you lose, if the horse doesn't win, your lay bet pays out!

What is a Fixed Place Bet?

A fixed place bet pays out at whatever the odds were when you placed your bets.

Those odds can move up or down after you bet, but it doesn't matter – you get paid at whatever they were when you placed your bet.

What is a Tote Place Bet?

A tote place bet pays out at the declared tote odds.

The final tote odds are not known until after the race, and are constantly changing throughout betting based on how much money is going into the tote pool, and which horses it's being wagered on.

While it may seem obvious that a horse priced at 33/1 would be far less likely to show than a horse priced at 4/1, you would be amazed at just how many bettors will select fancy sounding names and not pay attention to what chance the horse has of winning or placing.

Is the race competitive?

Competitive races mean that the event will have numerous horses that are either in contention for first place or in contention for the minor placings. The more competition that your horse has to get placed then the less chance your horse has to provide you with a winner. The key to making show bets pay is to carefully select your horses and your races.

If you have numerous horses priced between 5/1 and 16/1 then this is a clear sign of a competitive race. It's also a sign of a race that should be avoided for a show bet.

A quick look at the horses form line will indicate what type of performer it is. If it wins and then falls or comes well down the field then this is a clear sign that the horse isn't a consistent runner. Some horses can drift in between winning and losing badly and this isn’t the type of horse that you want for a show bet.

Let's take a look at some example form lines.

Take Hoorah Henry with the following results in his previous ten races.

1-8-1-7-6-1-9-U-9-1

Hoorah Henry might have four victories but his six poor performances are worrying if you are looking for him to finish in a place. Now, compare that to another horse called Mustang Sally.

3-2-2-3-4-3-2-5-3-2

Although Mustang Sally hasn't recorded a win, this horse has never placed lower than fifth and only finished twice outside of the top three. While Hoorah Henry may be a more successful horse in terms of titles, race wins, and prize money, it's Mustang Sally that represents a better proposition for betting.

Win Place Show bets, or straight wagers, are among the most traditional and accessible bets in horse racing. The payout is not as outrageous, but they are some of the most straightforward bets to make with a simple payout structure if it is any consolation.

To give you a numerical perspective about the possible payouts from this bet: the 2019 Kentucky Derby had a win bet payout of $132, place bet payout of $56 and show bet payout of $24 for a $2 bet.

If you are new to the world of horse betting, the Win Place Show bets are an excellent place to start. They are easier to understand than the more exotic bets such as the exact, superfecta, trifecta, and the more complex bettings like the pick 3’s, pick 5’s.

Due to its straightforward nature, it is one of the most commonly placed bets.

By the end of this guide, you will have familiarized yourself with everything you need to know about the Win Place Show bets.

What Is a Win, Place, Show Bet, and How Much Do I Make It?

Simply put,

Win Bet

A win bet means you bet on a horse that you think will win. You get a payout only if your Horse finishes first.

Place Bet

A place bet means you bet on a horse to come in the first two positions. You get a payout if your Horse comes either 1st or 2nd, and the payout will be smaller than the win bet. This result is because the top two finishers share the pool money.

Show Bet

A show bet means you bet on a horse to come in one of the first three positions. You get a payout if your selected Horse comes either 1st, 2nd, or 3rd, and the payout is even smaller than the place bet. It is smaller because all the three-position finishers share the pool money.

A substantial advantage of these bets is that most racing tracks will display the odds of the Horse on the field board. These odds will help you calculate your payout range before even placing your bet. This calculation is not possible with most other bets, where you know your payouts usually after the race.

Calculating the Payouts for the Win Place Show Bets

Calculating the Payout for a Win Bet

To calculate your minimum payout, you need to know the odds of your Horse.

1. From that odds ratio, you take the first number and multiply it by 2 (remember, if the odds is a whole number, place that over a 1 – for example, 7 would be 7/1)

2. You take that number and divide it by the second number of the odds ratio

3. Add your outlay money to that number

An Example of Calculating the Payout for a Win Bet

Horse odds = 7/2

Outlay= $2

Step 1 = 7*2

Step 2 = 14/2

Step 3 = $7 + $2

Payout = $9

You could also calculate the highest payout. For instance, if the odds are 5/2 and outlay $2. Using the formula discussed previously, the payout will be $7. Your actual payout will be anywhere between $7 and $7.9. It cannot be more than that, as if it is $8 – the odds would be 3/1.

Many tracks will display the probable payoffs, so you do not need to get lost with all these calculations.

Calculating the Payout for Place Bets

Step 1: Find out the total bet pool amount, and deduct the cost of takeout.

Step 2: Find out how much was bet on the two-place horses.

Step 3: Find out the profit that will be divided between the winning bettors.

Step 4: Divide this profit by 2

Step 5: Divide this number by the number of winning tickets

Step 6: Double each amount and add outlay

An Example of Calculating the Payout for a Place Bet

Assume the following:

Horse A and B finish 1/2 in the race.

$25,000 was in the betting pool.

10% takeout.

Each bet was $2.

Step 1 – 25,000 – 10% = 22,500

Step 2 – $6400 was bet on A, $12750 was bet on B

Step 3 – 22,500-6,500-12,750 = 3,250

Step 4 – 3,250/2 = $1625

Step 5 – For horse A = 1625/6500 = $0.25. For horse B = 1625/12750 = $0.13

Step 6 = (0.25*2) = 0.50+$2= $2.50 | (0.13*2)=$0.16+$2= $2.16

Calculating the Payout for a Show Bets

It is the same as above, except:

In step 2: Find out how much was bet on the three show horses (instead of 2 place horses)

In step 4: Divide the profits by three horses (instead of 2 horses)

What Is an Across the Board, Wager?

This is a term you will hear floating around the race track very often. This bet is all the three (win, place, show) rolled into one.

Under this Wager, you bet on one Horse in a single ticket to Win Place Show. Three scenarios come out of this:

1. Your Horse wins – You will get the Win Place Show payout

2. Your Horse comes 2nd – You will get the Place Show payout

3. Your Horse comes 3rd – You will get the Show payout

The Positives of an Across the Board Wager

There are multiple advantages to this Wager:

It is low-risk. When you compare it to other bets, say even the individual win bet, getting any (some) payout is higher. This betting approach gives you a useful safety net.
Usually, the cut on this is lower. The race bet organizers levy a charge for their services; these charges are called takeout. For a win place show bet, the takeout is usually the lowest than other bets (especially the exotic wagers).

The Negatives of an Across the Board Wager

However, the payout of this kind of bet is usually one of the lowest. It is also called the lazy bet, and rightly so as you do not need to spend a lot of time analyzing and making specific selections: less effort, fewer rewards.

This result is the case unless you use The Wizards selections, where we research on your behalf and only suggest a handful of place bets each day at the track.

The bet can also get more expensive. If one win bet is $10, for across the board wager, you usually have to cover the cost of all three bets, and you will have to pay at least $30. It is sporadic that you will get back a substantial value, and your overlay is high.

All in all, this bet is one of the least stressful chances, and when you are just starting – you want to have fun. This bet tactic is one of the best doors to enter the world of horse betting.

Final Thoughts on the Win Place Show Bets

When you are just starting, it is better to walk or trot than a gallop. The win place show bets allow you to do just that. The other bets could seem lucrative, but the winning probability is relatively low even for the most experienced (unless you are using The Wizards picks, which significantly increase your chances).

Hence, these bets form the first nature steps for beginners.

Do not get turned off by the modest payouts. You can act smart, and win decently if you play your bets right. For instance, many experts advise to bet only on win bets and to pass on the other two (place and show bets).

If you are even a bit decent in your selection and can pick out multiple winners – you will compensate for the lost races. The profit from a few win races will most likely be higher than what you will cash out in place and show. Point being, even with these small traditional bets, you can accumulate some cash and experience to play the more exotic bets.

So, go out there and cash some small tickets on these straight bets!

The Wizards Thoughts on Wine Place Show Bets

With all the different wagering options, the Win-Place-Show Bet has become a distant memory. These bets sometimes allow for good wagering opportunities with a simple bet. The key is to make a Win bet on a horse whose odds are bigger than what they should be. I never make a Win bet on a horse that is less than 7-5. Place bets should be made on horses who go off at odds of 4-1 or higher. Show bets 10-1 or higher.

The Wizard