How Do Win Place Show Bets Work
A Win Place and Show bets can be placed for as little as a $2 “Across the Board” which would cost a total of $6 but you can also bet a horse for $2 straight for Win or Place or Show which will keep the cost down. Win: A win bet scenario involves the horse you think will finish in first place. A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games. The allure of these bets has always been a larger payout than choosing a single team to win. But there’s more gamble to these types of wagers because every “leg” of the parlay needs. The tote betting system combines all the bets for the place into a place pool that is separate from the win bets. In tote betting, the place dividend is calculated as such. Divide the total investment (minus the rake for that bet type) by the amount of money invested on the selection (after rounding down).
Place betting is a popular way of securing long-term profitability in horse racing.
The odds are far less but the chances of finishing in the first three are greater.
With the right planning, the punter can make significant profits over a long period of time.
Place betting is not only for the ladies
Betting for a place once had a stigma attached.
The place punter was that little old lady who invests 50 cents each time on the “odds-on” favourite, for a place!
The thrill of winning, even for a small profit, is enough for her to enjoy a day on the punt.
Nowadays, astute punters turn to the place bet for increased certainty around profiting on each investment.
In a race with 8 or more runners, the horse needs only to finish in the first to 3 to collect a dividend.
This is called “hitting the board” because the horse’s number is put up amongst the first three finishers on the results board.
When betting on horses for the place, the odds are considerably smaller, often less than a quarter of the win dividend.
But don’t forget, even if the horse is beaten into second or third placing, you will still make a profit on your investment.
There is also plenty of opportunity to make serious money.
Only last weekend for example, the Villagebet lucky longshot selection, Red Alto, started at the long odds of $81 for the win.
It finished third, paying $17.70 in pari-mutuel betting.
Imagine the excitement if you’d backed a winner at odds of $17.70.
Even though it was a place bet, the enjoyment standing in the payout queue is equally as great!
If you see value, there’s nothing stopping you from giving it a go.
Remember, interest rates on cash deposits in the bank are only around 4%.
How are the place odds calculated?
In the old days before the advent of digital odds, the punter would walk up to the bookmaker in the ring and get 25% odds for the place.
The same calculation was made for the place component of each-way betting.
If the horse is showing odds of 8-1, the bookie would offer place odds of 2-1.
Later, it was even cut to 1/5 the win bet odds.
Although a considerable cut in potential winnings, it still wasn’t a bad offer for an 8-1 shot to “hit the board”.
This was the original “Fixed Odds” bet.
With Fixed Odds, the odds that you get when placing the bet are your odds until the race is over.
It doesn’t change, even if there are later fluctuations in betting.
Nowadays, most of the bets are done electronically.
Pari-mutuel betting (tote betting) on the place, does not consider the win bet odds.
The tote betting system combines all the bets for the place into a place pool that is separate from the win bets.
In tote betting, the place dividend is calculated as such.
Divide the total investment (minus the rake for that bet type) by the amount of money invested on the selection (after rounding down).
More simply, it’s sharing the pool among all winning bets.
Fixed Odds place betting
With most corporate bookmakers, you can also take a Fixed Odds bet for the place.
In fixed odds, the bookmaker calculates the odds for each horse at any given moment, based on the probabilities of it winning.
The net outcome of the total book for the race is always in their favour.
That is, the sum of the probabilities quoted for all possible outcomes is in excess of 100%.
Fixed Odds is a way to secure the odds if there is value at the time.
Otherwise, any pre-race fluctuations will affect the starting odds.
Place betting for profit
Place betting is a sensible way to bet if you don’t mind the small dividends.
Often it’s better to bet on a horse for the place, then to bet on a more favoured runner for win only.
It also allows the punter to gamble on a horse at much longer odds.
How Do Win Place Show Bets Worksheets
There may not be sufficient confidence in the horse winning.
However, there is evidence that the horse will put up a good showing and sneak into a place.
Betting on a 40-1 horse for a place is better than backing the favourite to win at $2.
It’s a matter of awareness.
To be mindful that there are many more ways to skin a cat when playing the horses for profit.
Remember, your selections in place betting can also be used to bet the trifecta. You can make them standout selections or roving bankers. Trifecta betting is a way to take place betting to the next level.
Bookmaker bonuses are like place betting
Recent bonuses offered by bookmakers are, in some ways, like place betting.
For example, the online betting company Unibet often has the following betting bonus.
If your horse is beaten into 2nd or 3rd place, you still receive up to $50 in bonus bets.
The amount of the bonus bet depends on the initial investment.
This is a great way to mimic place betting because you get a return on investment even if the horse runs a place.
It’s like having insurance on your win bets.
As they say, thinking about the different ways you can bet to make a profit is a great way to “raise your game“.
Aim for small and consistent profits
We should aim to make consistent profits over the long term instead of focusing on large windfalls.
I recommend to try one or two days of focusing on betting for the place and not the win.
Don’t use real money in this experiment, just spread your bets throughout the day and track your success.
If you can see the potential for real profits over the long term, then dip your toes in the water and invest.
Win Place And Show Bet
Let us know how you go on our punter’s forum and any pitfalls you encountered.
All the best and good punting!
Category: Punting Advice
Betting on horse racing or horse betting[1] commonly occurs at many horse races. It started in the UK in the early 1600s during the reign of King James I.[2] Gamblers can stake money on the final placement of the horses taking part in a race. Gambling on horses is, however, prohibited at some racetracks. For example, because of a law passed in 1951, betting is illegal in Springdale Race Course, home of the nationally renowned Toronto-Dominion Bank (TD Bank) Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina.
Where gambling is allowed, most tracks offer parimutuel betting where gamblers' money is pooled and shared proportionally among the winners once a deduction has been made from the pool. Parimutuel betting also provides purse money to participants and a considerable amount of tax revenue, with over $100 billion being wagered annually in 53 countries.[3][4][5]
In some countries – notably the UK, Ireland, and Australia – an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK).
Types of bets[edit]
In North American racing, the three most common ways to bet money are to win, to place, and to show. A bet to win, sometimes called a 'straight' bet, means staking money on the horse, and if it comes in first place, the bet is a winner. In a bet to place, you are betting on your horse to finish either first or second. A bet to show wins if the horse finishes first, second or third. Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than win payoffs. If there are a small number of horses in the race, show or place bets may not be offered (or if bets have already been made, they are cancelled and the wagered amounts refunded).[citation needed]
In Europe, Australia, and Asia, betting to place is different since the number of 'payout places' varies depending on the size of the field that takes part in the race. For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers. Three places are paid for eight or more runners, whilst a handicap race with 16 runners or more will see the first four places being classed as 'placed'. (A show bet in the North American sense does not exist in these locations.)
The term each-way (E/W) bet is used everywhere but North America, and has a different meaning depending on the location. An each-way bet sees the total bet being split in two, with half being placed on the win, and half on the place. Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above. The full odds are paid if the horse wins, (plus the place portion), with a quarter or a fifth of the odds (depending on the race-type and the number of runners) if only the place section of the bet is successful. In the UK some bookmakers will pay for the first five (some independent firms have even paid the first six) for a place on the Grand National. This additional concession is offered because of the large number of runners in the race (maximum 40). Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race.
The rough equivalent of the each-way in North America is the across the board (win/place/show) or win/place bet, where equal bets on a horse are made to win, place, and show (or just win and place). Each portion is treated by the totalizator as a separate bet, so an across-the-board bet is merely a convenience for bettors and parimutuel clerks. For instance, if a $2 across-the-board bet (total outlay of $6) were staked on a horse which finished second, paying $4.20 to place and $3.00 to show, the bettor would receive $7.20 on what is essentially a $6 wager.
In addition to straight wagers, 'exotic' wagers offer bettors an opportunity to incorporate the placement of different horses in one or multiple races. The two broad types of exotic wagers are horizontal and vertical. Horizontal exotic wagers are bets on multiple horses in one particular race, while vertical exotic wagers involve predicting results across multiple races. Both have specific options for which bets are available and are detailed below.
In the most basic horizontal wager, an exacta, the bettor selects the first and second place horses in the exact order. Picking the first three finishers in exact order is called a trifecta and a superfecta refers to the specific finishing order of the top four horses.
Boxing is a tactic that increases the odds of winning an exotic wager by removing the need to choose the exact order. A quinella, which boxes an exacta (allowing the first two finishers to come in any order and still win), is the basic box, but boxing can be applied to the trifecta and superfecta as well.
A wheel is a bet on a single horse is to finish in a specific position, with multiple horses finishing ahead and/or behind it. In a sense, a win bet can be thought of as a specific type of wheel bet.
Vertical bets are spread over different races. A daily double is an exotic wager placed on the winner of two consecutive races. Picking the winner of three, four, five or six straight races is referred to as a pick-3, pick-4, pick-5 and pick-6 respectively.
Betting exchanges[edit]
In addition to traditional betting with a bookmaker, punters (bettors) are able to both back and lay money on an online betting exchange. Punters who lay the odds are in effect acting as a bookmaker. The odds of a horse are set by the market conditions of the betting exchange which is dictated to by the activity of the members.[6]
United States[edit]
In the United States, the states with the largest pools are California, New York, Kentucky, Florida, Maryland and Illinois in no particular order.[7]Betting on horse racing in the United States varies from state to state. By the late 19th century over 300 tracks were in operation in the country but those opposed to gambling caused the banning of bookmakers and horse racing at the beginning of the next century. In 1908 pari-mutuel (tote) betting was introduced, helping the industry to prosper and that has continued to be the case to the present day. Pari-mutuel betting is currently legal in 32 US states. Due to new legislation horse race betting in the US could change significantly in the near future. The legal market handle on horse racing in the United States in 2018 was $11.26 billion while experts predict the illegal sports betting market could be anywhere from $80 billion to $150 billion annually.[8]
Kentucky Derby[edit]
Run on the first Saturday in May the most famous horse race in the United States, the Kentucky Derby, takes place at Churchill Downs and is known as ‘The Run For The Roses.’ The one mile two furlong contest dates back to 1875. $149.9 million was wagered on the race in 2019, beating the previous record amount of $139.2 set 12 months earlier. $24.6 million of that total was gambled online.[9]
Hong Kong[edit]
Hong Kong generates the largest horse racing revenue in the world and is home to some of the largest horse betting circles including the Hong Kong Jockey Club founded in 1884. In 2009, Hong Kong generated an average US$12.7 million in gambling turnover per race 6 times larger than its closest rival France at US$2 million while the United States only generated $250,000. Betting on horse racing is ingrained in local culture and is seen as an investment.[10]
During the 2014-2015 racing season the Hong Kong Jockey Club attracted about HK$138.8 million (US$17.86 million) per race more that any other track in the world. The revenue the club generate from various wagers makes it the largest taxpayer for the government.[11] Hong Kong Jockey Club broke its own record during the 2016-2017 season with a turnover of HK$216.5 billion and paid the government HK$21.7 billion in duty and profits tax, an all-time high.[12]
Australia[edit]
A government survey in 2015 found that nearly one million Australians (5.6% of Australian adults) gambled on dog or horse racing in Australia. Most were men aged between 30 and 64 who had a typical yearly expenditure of $1,300 on race betting. Nationally, typical annual race-betting expenditure amounted to roughly $1.27 billion.[13]
How Do Bets Work
Horse race betting in New South Wales (NSW) is conducted by bookmakers (at race meetings and via telephone) and Tabcorp (tote betting at racecourses and through various retail outlets including the internet). In 2014 it was estimated that $300 million alone was bet on Australia’s most famous race - the Melbourne Cup.[14]
Win Place Show Bet Calculator
United Kingdom[edit]
Betting on horse racing in the UK is wide and varied. Unlike most other countries where the pari-mutuel system is in operation the UK’s version - the Tote - accounts for only a small percentage (in the region of 5%) of the total betting turnover. Between April 2017 and March 2018 off-course horse racing betting turnover in Great Britain amounted to £4.3 billion.[15] The majority of the money wagered on horse racing in the UK is with bookmakers, either in betting shops or online. In 2018 there were 8.5 thousand betting shops in Great Britain. This figure is expected to decrease significantly in 2019 when government restrictions on Fixed Odds Betting Terminals (FOBT’s) comes into force.[citation needed]
See also[edit]
References[edit]
- ^Paul M. Anderson; Ian S. Blackshaw; Robert C.R. Siekmann; Janwillem Soek (28 October 2011). Sports Betting: Law and Policy. Springer Science & Business Media. pp. 186–. ISBN978-90-6704-799-9.
- ^'A History of Horse Gambling'.
- ^NTRA Wagering Technology Working Group in conjunction with Giuliani Partners LLC (August 2003). 'Improving Security in the United States Pari-Mutuel Wagering System: Status Report and Recommendations'(PDF). National Thoroughbred Racing Association Web Site. National Thoroughbred Racing Association. Archived from the original(PDF) on 2008-02-28. Retrieved 2008-02-17.
- ^McKay, Brett & Kate (2012-05-03). 'How to Bet on Horse Races for Beginners'. The Art of Manliness. Retrieved 2018-03-07.
- ^Levith, Will (2013-04-03). 'Read This. Win So Much Money at the Racetrack'. Thrillist. Retrieved 2018-03-07.
- ^David-Lee Priest (October 2008). Against the Odds: A Comprehensive Guide to Betting on Horseracing. Raceform Limited. ISBN978-1-905153-94-7.
- ^Tony Warren (2009). Betting on Horse Racing: No Experience Necessary. AuthorHouse. ISBN978-1-4490-2800-8.
- ^'TIF Reports: Horse Racing and'Legal'sports Betting'. Racingthinktank.com. 2019-02-01. Retrieved 2019-03-30.
- ^'Record Kentucky derby numbers show why US sports betting needs to be online'. Legalsportsreport.com. 2019-03-21. Retrieved 2019-03-30.
- ^'Hong Kong's hardcore gamblers'. CNNMoney. Retrieved 2018-03-07.
- ^Balfour, Fredrick (2016-02-22). 'Hong Kong Horse Racing Is Serious Business'. Bloomberg.com. Retrieved 2018-03-07.
- ^Mok, Danny (2017-09-01). 'Hong Kong Jockey Club has record-breaking year'. South China Morning Post. Retrieved 2018-03-07.
- ^'Racing betting in Australia'. Australian Institute of Family Studies.Australian Gambling Research Centre 2001-10-31. 2019. Retrieved 2019-03-30.
- ^'Proof Australia is a nation of punters, with a record $26 billion spent on race and sports betting this year'. Dailytelegraph.com.au.NSW. 2014-10-25. Retrieved 2019-03-30.
- ^'Annual turnover of off course horse race betting in Great Britain from April 2008 to March 2018 (in million GBP)'. 2018. Retrieved 2019-03-06.