Place-only bet

A bet that pays out only on a horse finishing in a paid place (1st, 2nd, 3rd — varies by race), at place odds, ignoring whether it actually wins. Different from each-way (which combines win + place). Pays out only at the place fraction of the win odds — typically 1/4 or 1/5. Pure place bets are most common on the Tote, less so with high-street bookmakers.