A place bet is a bet type where the bettor selects a runner to finish in the first 3 placegetters. A place bet can be placed on the tote or with a bookmaker.
The tote will not finalise the place dividend until after the race, it will merely provide an approximate as to the dividend. A place bet with a bookmaker is a fixed bet. The price you take at the time is the price you will receive if the place bet is successful.
Place betting with the tote (Tab) can be fickle as the odds are not finalised until after the race. This means that the price can vary.
Online bookmakers will give you the option of matching the tote dividend, or taking a place dividend at a fixed price. The option is really up to the bettor. However, it’s best to take the fixed odds on the place bet if you are concerned about the price going down.
The example shows how a $10 place way bet on Sepoy might payout. If Sepoy runs a place ie. in the first 3 placegetters, the bettor will receive the place dividend $21 ($10 x 2.10).
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