2008 Kentucky Derby Entries, Post Positions, Morning Line Odds and Overlays

What is a Place Bet?

When you bet to place your horse must finish first or second in order for you to cash a ticket.

Understanding Place Betting Payouts and Mechanics

Place betting offers a middle ground between the higher risk of win betting and the lower payoffs of show betting. While your chances of cashing a ticket are better than with win betting (since your horse can finish either first or second), the payoffs are typically smaller than win betting but larger than show betting. This is because the place pool (all money wagered to place on a race minus the track takeout) must be divided equally and paid out to the holders of place tickets on the first two finishers in a race.

Additionally, the payoffs on place bets are dependent on which horses finish in the top two positions. If the favorites run out of the top two positions, the place payoffs will normally be higher than if the favorites finish in the first two positions.

There are, however, several situations when place betting can be either justified or strategically advantageous.

The first situation occurs when you have a strong opinion about a horse but are concerned about one particular rival. In this scenario, place betting allows you to profit if your selection finishes ahead of the field except for that one horse you’re worried about. This is particularly effective when you believe the race is essentially between two horses.

The second situation in which place betting offers good value is when you like a longshot that you believe has a legitimate chance to hit the board but may not have enough to win. Longshots often provide surprisingly good place payoffs, especially when they finish second behind a favorite.

Another strategic use of place betting occurs in short fields with one overwhelming favorite. When a race has only 5-6 horses and includes a heavy favorite, the place payoffs can sometimes approach the win payoffs for the other contenders, since bettors tend to avoid placing the favorite.

The Place Parlay Strategy

One of the most popular conservative wagering strategies using place betting is the place parlay system. Starting with whatever amount you are comfortable with, you play a horse to place. If your horse finishes in the first two, you take all the winnings and bet them back on the next race to place. This strategy builds bankroll more quickly than show parlays due to the higher individual payoffs, though it carries slightly more risk since your horse must finish in the top two rather than top three.

Place Parlay Example: Building Your Bankroll

For example:

In the first race of your parlay, you bet a horse to place, and it finishes in the top two and returns $4.20 for a $2 place bet. If you had wagered $10 to place, you would now have $21.

In the second race, you bet your $21 to place and your horse finishes in the first two, returning $3.40 for a $2 place wager, and increasing your bankroll to $35.70 (10.5 * $3.40). You have now more than tripled your original $10 stake.

In the third race, you bet your $35 to place, and your horse finishes in the first two and returns $5.20 to place. You now have $91 (17.5 * $5.20).

In the fourth race, you bet $91 to place, and your horse again finishes in the first two. You’re building momentum! This time, your horse pays $2.80 to place for a $2 wager, and you have increased your original $10 to $127.40 (45.5 * $2.80). Your initial $10 investment has grown to well over $100 in just four successful place bets.

Maximizing Your Place Parlay Success

The best way to play a place parlay is to set a realistic goal of how much you want to win and to keep betting the place parlay until you reach that target. You then start over with your original stake. If you don’t make it to your goal on the first attempt, you have only lost your initial investment.

Place parlays offer faster bankroll growth than show parlays while maintaining reasonable risk management. They provide action on every race while building your bankroll at an accelerated pace due to the higher payoffs on each successful bet. As you approach your monetary goal, the excitement intensifies with each race, knowing that each win builds your bankroll more substantially than show betting would.

Want consistent action with better payoffs than show betting and faster bankroll growth? Place betting might be your perfect strategy!