Winning on the Place Market

[kuanyin123]

Hi guys, I am new to the forum. I have been betting/trading on horse racing for several years now. But recently I was looking at doing place bets on horse racing. So I need an answer to this question. So I select a race with, say, eight runners. I then select a horse, maybe the favourite, and place a bet (I use Bet365) for three places. So if the my selection comes 1st, 2nd or 3rd, I win or I won't lose. 

So, in the 3 place market, if I bet on the horse at odds of 4.5 with £100.00 and it wins, I win £350.00 (my £100.00 stake is returned). Okay. Now my questions is, if it comes 2nd or 3rd how much would I win, or what percentage? 

I will appreciate your comments/help. Cheers!!

[Bang on]

4 hours ago, kuanyin123 said:

Hi guys, I am new to the forum. I have been betting/trading on horse racing for several years now. But recently I was looking at doing place bets on horse racing. So I need an answer to this question. So I select a race with, say, eight runners. I then select a horse, maybe the favourite, and place a bet (I use Bet365) for three places. So if the my selection comes 1st, 2nd or 3rd, I win or I won't lose. 

So, in the 3 place market, if I bet on the horse at odds of 4.5 with £100.00 and it wins, I win £350.00 (my £100.00 stake is returned). Okay. Now my questions is, if it comes 2nd or 3rd how much would I win, or what percentage? 

I will appreciate your comments/help. Cheers!!

Don't really understand your question.

For a start, there will not be many 8 horse races with a 7/2 favourite. 

If you mean backing each way .. £100 Each way = £200 staked ... it would return (at your suggested odds 4.5 [7/2 old money]) £450 for the win  (as you say £350 profit) ... and the place would usually pay 1/5th,  so 7/2 pays 7/10 and returns £170 (£70 profit). So, if you only place, a £200 bet would return £170 (place part) and a loss of £30.