Placepot is exclusive to horse racing. This type of betting focuses on the first six races of the day at a meeting and requires punters to make “place” predictions at each one. Stakes from all wagers are placed in a prize pool, which is then divided among winning slips after the bookie takes its commission.
This special bet was created by Tote, one of the oldest UK bookies. Several other bookmakers offer it to users in partnership with Tote. It enjoys great popularity because it offers fantastic returns from relatively small stakes.
History of Tote Placepot
Tote started organizing placepot betting in 1974. The idea was to offer a chance for huge payouts by placing stakes as low as £1. It quickly became a hit among punters in the UK and Ireland and continues to be a prominent part of wagering activity in the region.
Nowadays, you can place this bet at the racecourse windows or online at most bookmakers in the UK. They all partner with Tote, and all the bets go in the same pot, which regularly grows to £100,000 or more for popular meetings. Some sportsbooks tried to offer their own version of placepot independently but were largely unsuccessful.
Placepot Betting – Main Advantages
The main advantage of placepot betting is that it offers a chance to win big with a small stake. Another benefit is that you don’t need to predict a winner for every race. Your selections just need to finish in a placed position (e.g., top 2, 3, or 4, depending on the race), which greatly improves your chances. Finally, it allows you to be invested in all six races, making them more exciting to follow.
How Does Placepot Betting Work?
Each meeting (race) has its placepot that only includes the first 6 races on the card. You select the meeting, pick the horses, and determine the stake for each selection. The placepot totals are then added to a prize pool and later split among winners.
Punters must make place selection for each of the six races. With the place selection, you are predicting that a horse will finish in one of the top positions. They are determined by the number of horses taking part and whether it’s a standard race or a handicap.
If your predictions on all six races are correct, you are entitled to a share of the prize pool. This share is calculated after the bookie takes its 27% commission from all the combined stakes.
What Is the Placing in a Placepot?
Wagering on horse racing traditionally includes win, place, show bet. In placepot, you are focusing only on the “place” part by predicting that a particular horse will finish in one of the predetermined positions.
In races with up to four runners, the horse you select needs to win in order to be considered placed. In races consisting of five to eight runners, the place bet will be a winning one if the horse finishes in the Top 2. A horse will place if he finishes in the Top 3 in races with nine or more runners.
The only scenario in which a horse will place if he finishes in the Top 4 is a handicap race with 16 or more runners. In handicap races, horses have to carry different amounts of weight in order to level the playing field.
How Many Horses Is It Possible to Pick in a Placepot?
Punters have to select at least one horse from each of the six races for the placepot. This group of six selections is called a line. There is no limit to the number of horses you can select beyond that.
Adding selections increases the number of lines and gives you a bigger chance to claim a share of the prize pool. However, the more lines you add, the higher the stake you need to contribute.
What if There Is a Non-Runner in a Placepot?
If there’s a non-runner, punters are automatically transferred to the SP favorite. In a situation where there are co-favorites, the lowest racecard number carries the money.
How to Pick Placepot Horses?
The first step is to learn the placepot rules and wager in other markets to learn more about horse race betting before starting your placepot journey. You also need to consider the recent form of horses and how they perform on certain grounds and distances.
Beyond that, focus on the horses that consistently finish in top positions. Back the favorites for races where you don’t have enough information. Finally, diversify your selections in races that seem unpredictable.
How Do I Calculate My Placepot Winnings?
In placepot, the winnings are based on a dividend. The bookie calculates it by taking its commission from the prize pool and then dividing the remaining amount by the number of winning lines as if they were placed at a £1 stake. To calculate their payout, punters need to multiply the dividend by the number of their own winning lines and their stake.
For example, the prize pool stands at £10,000 after the bookie has taken its commission. There were a total of 20 winning lines in the placepot. The dividend is £500. The potential payouts are as follows:
- One winning line and £0.50 stake will net you £250.
- Three winning lines and £0.50 stake result in a payout of £750.
- Two winning lines and £1 stake get you £1,000.
Is Placepot Betting Profitable?
Placepots are fun and can be profitable. This is mainly because the payouts tend to be highly generous, and you don’t need to risk large amounts of money. However, in order to turn a profit, you need to have a combination of skill and luck. It is challenging to get six predictions right, even if they are place bets.
How Much Does a Placepot Cost?
At the racecourse window, the minimum stake per line is £2. When betting online, the minimum is £0.50. The real cost depends on how many lines you have.
Final Words
Placepot betting is more complex than choosing a runner to win the race or picking a horse to place or show. However, it also pays significantly more. Use the information contained in this guide to try it out yourself. It can be a great option if you are chasing big payouts or just want to add excitement to race meetings by having something on the line for each race.
