Definition
A bet on a selection to finish within a defined number of places (e.g., top 2, 3, or 4) rather than to win outright.
Example
A place bet on a horse to finish in the top 3 at 1/4 of the win odds pays even if it doesn't win.
Place Bet
A bet on a selection to finish within a defined number of places (e.g., top 2, 3, or 4) rather than to win outright.