Place: Depending on how many horses participate in a race, the horse has to finish in first, second, or third place. However, there are also exceptions to the rule as the number of horses racing can vary. For example, if only four horses are going to participate in the race, only the first two horses can be considered as place bets. On the other hand, in the UK and Ireland, where up to 16 horses can participate in a race, the first four horses can be considered as place bets. These exceptions also apply to countries such as:
Germany, France, Italy
In case of four runners, you can place bet the first two.
In case of eight runners, you can place bet on the first three.
Every runner has its own place odds, which are commonly lower than win odds as it is said to be easier to predict a placed horse than a winning horse.