How Does a Placepot Bet Work?

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How Does a Placepot Bet Work?Placepot bets involve picking horses that will finish in the top places over 6 races at a course. While the general idea is straight forward, either your selections are in the winning places or not, the details of this bet are a little more complicated.

In this article I you will find out the principles behind placepot bets on Horse races, the specifics of how they work and how to place them. Hopefully after reading you will realise that placepots are not all that complicated and are in fact quite an entertaining way of betting on horseracing with the added bonus of sometimes hitting a really big pay out.

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Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

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The Concept of Pooled or 'Parimutuel' Betting

Before I get into the mechanics of the placepot I should first explain parimutuel betting as this works a little differently than normal sportsbooks.

Commonly run by “The Tote” parimutuel betting is a pool based system whereby all wagers placed on a specific event are put into a prize pool, minus a commission, and then the pay outs are determined by sharing that pool among all winning bets.

Here is a simple example to show how this works.

In a four horse race I decide to take bets off a number of my friends on which horse will be the winner. I’m going to take a ten percent commission for my trouble. After accepting my last bet I have the totals placed on each horse;

Horse 1: £40

Horse 2: £15

Horse 3: £10

Horse 4: £35

While my friends are watching the race I decide to calculate my commission and the pay outs I’ll need to make. The commission is pretty simple; luckily my friends bet a total of €100 so I put €10 in my pocket. This leaves €90 in the pool. All I need to do now is divide the pool by each horses wager total to get the decimal odds I need to pay out should it win.

Horse 1: 2.25

Horse 2: 6.00

Horse 3: 9.00

Horse 4: 2.57

Turns out Horse 3 wins the race. So I know that any of my friends who bet on Horse 3 should get 9.00 (or 8/1) on their money. Two of my friends, Mary and John, bet €7.50 and €2.50 respectively on Horse 3. I pay Mary €67.50 and John €22.50 and my little parimutuel experiment has ended.

In any prize pool, the more winning bets there are, the smaller the prize (the pool is divided among more people). When you are betting on a placepot, there can be a large prize pool, and very few winning tickets - meaning that you can potentially walk away with a large prize.

How a Placepot works

How a Placepot worksA Placepot is like an accumulator or parlay but placed through the tote; using the parimutuel system to settle the pay outs. It is comprised of six races from a meeting and it’s usually the first six races on the card.

The number of places paid in each race is determined by the number of horses running. It will be listed on any form book or newspaper. They are standard rules which have a few variables dependant on the type of race so no need to type them out. In a small field this might be 2 runners counted as placed, on average it will be 3, though for very large fields 4 finishers count as being places for the purposes of Placepot (and often each-way) bets.

To play a Placepot you need to select at least one horse from each race that you think will be placed. You can select more than one horse per race but this will cost you more. 

Let’s say you select two horses in races 2 and 5 and one horse in the rest. You are essentially playing more than one Placepot so you need to calculate how much this will cost to a €1 stake.

Simply multiply the number of horses selected by each other; then by your “stake” to get the total cost:  (1x2x1x1x2x1) x €1) = €4

Placepot Picking strategy

How you go about picking your horses is up to you but there is one thing to consider. Like in the four horse race example I gave above the less chance something has of happening the higher the payout when it does.

When selecting horses for a Placepot, if you were to select all favourites then the payout would not be great because many other people would also have winning tickets and the pool will be divided that many more times.

If you selected all of the rank outsiders and won you could expect a large payout as the prize pool is only split between a few lucky punters.

Other Parimutuel Bets

There are many other bets that work in a similar fashion to the Placepot. The Pick Six for example is nearly identical but you must pick winners rather than places.

Others include the Scoop 6 and the Jackpot; due to the difficulty in picking 6 straight winners Prize pools are often not won. These are rolled over to the next meeting resulting in sometimes huge pools up for grabs.

In Summary

Placepots and Pick Six’s are pretty easy to play and can be quite fun too. Don’t worry about calculating odds or anything like that, it’s too complex, plus it’ll all be done for you.

Online bettors enjoy a huge choice of bets and odds, and get extra benefits including bonuses, loyalty rewards and contests too. 

Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec: There are a lot of good reasons why Bovada are the number #1 US friendly sportsbook. Look beyond the big welcome bonus and you'll find the real magic...

Bovada have a huge range of markets (especially when it comes to the bigger events), competitive lines and super-easy deposits / withdrawals.

The killer reason is the promos – you’ll find their list of offers for regular bettors unrivalled anywhere online. Check out www.bovada.lv to see the latest deals for yourself now!

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