What is the payout for a place bet?

[Mike_25]

I often see place bets offered but am unsure exactly how the payout works. For horse races I know a place bet typically pays out if your selection finishes first or second. But how much do you win on a place bet compared to a win bet? If anyone knows the calculation to determine place bet payouts I would appreciate a simple explanation. I want to determine if place bets are worth considering compared to traditional win bets.

 

[Dallax]

The place bet is a good bet for players who are looking for a bet with a low house edge. The house edge for the place bet is 1.41% for 4 and 10, 4.76% for 5 and 9, and 5.26% for 6 and 8. The place bet can be made on any number from 4 to 10. However, the best numbers to bet on are 4 and 10, as they have the lowest house edge.

 

[Crazy_winner]

A place bet pays you less than a win bet since you are hedging your wager by enabling the horse to finish in either of the top two spots. The exact payoff is determined on the horse's odds at the moment the bet is placed.