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Last updated: 09/04/2024

Discover the Placepot Bet: A Beginner’s Guide

What Is A Spread Bet

The placepot bet is an iconic horse racing bet that isn’t going anywhere anytime soon. So, if you’re a keen horse enthusiast or exploring the world of horse racing betting, it should be on your radar. 

While placepot bets are more challenging than others, they don’t take long to learn, and anyone can get involved. This guide explores the answers to some top questions, including “What is a placepot bet?” and “How do you bet on placepots online?” Scroll down to get in the loop right now. 

What is a Placepot Bet?

So, what is a placepot bet?

A placepot bet involves choosing a horse to place in the first six races at a race meeting. All bets are placed before any of the racing starts, meaning you’ll have to do your research before any of the action unfolds. 

Unlike win-way (or straight-win) bets, placepots add extra excitement to a day at the races as they have an each-way format. This means your chances of winning are higher, as you can still win even if your selection doesn’t win outright. 

How Does a Placepot Bet Work?

Placepot bets work when you choose one or more horses to place in the first six races at an event. If a race has four runners (or fewer), your horse must win for your bet to be successful. 

Once you’ve chosen your wagers, the total bet amount on the placepot goes into a big pool. The Tote keeps 27% of the pool and invests it back into horse racing. The remaining 73% is split between the winners, and the final dividend is calculated to equal a £1 stake. 

Calculating a Placepot Payout

Working out your potential payout is a critical step in placepot betting, as you need to know your possible win amount to gauge the risk and manage your bankroll.

Your potential payout depends on how much your wager per horse and how many correct wagers you get. 

For example, If £100,000 is the placepot total and there are 1,000 winning tickets, you would divide 100,000 by 73%. This gives £73,000. You then divide £73,000 by the 1,000 tickets and get £73. So, the winners get £73 for every £1 bet. 

Placepot Betting Odds

If you’re searching “What is placepot bet,” you’ll likely need to brush up on the odds before you get started. 

In the UK, placepot bets use fractional odds. These are displayed with slashes (/) to show the potential payout and the necessary stake. 

For example, with 7/1 odds, you win £7 for every £1 you wager. A £10 bet would grant £70 of winnings if successful. 

If you’re new to these odds, practising with a few basic win-way bets might be helpful before moving forward with more complex wagers – like placepots.

How to Place a Placepot Bet

You can place a placepot bet in person at a race meeting or online. Here’s a quick rundown on both ways you can explore this type of wager.

How to Bet Placepot In-Person

In-person placepot bets are most common at UK and Irish horse racing events. 

In these cases, you must visit the on-site bookies and request a placepot betting slip. You can then mark down your selections and specify your stake amount. Remember, the total cost of your bet depends on the number of horses you wager on in each race. 

Take a few minutes to review your betting slip. If everything looks accurate, you return the slip to the betting counter staff and pay for your wager. 

Ensure you keep the receipt, as this is your proof of payment. If you have any winnings after the race, you’ll need it when collecting your payout at the counter. 

How to Bet Placepot Online

Don’t worry if you’re not attending the races. You can still bet from home if you learn how to bet on a placepot online. 

First, you must find a GamStop-free betting website or sportsbook offering placepot betting. Not all bookies offer these bets (or horse racing), so double-check the sportsbook options before you get started. 

Once you’ve found a betting site with placepot betting, you must sign up and create an account. You’ll then need to make your first deposit and redeem any available bonuses or promotions. Don’t skip these. They can make your funds go further!

Next, navigate the horse racing betting section and look for placepot (or Tote) betting options. 

Since placepot is a popular horse racing bet, it’ll likely be listed high up within the possibilities. 

Select your racing event, choose your selections for the placepot, and set your stake amounts. Some betting platforms automatically calculate your total stake amount as you enter the data. 

Before you confirm your wagers, review your online betting slip. Make adjustments if needed. 

If everything looks good, you can go ahead and place your bet. Save the confirmation and digital receipt. Most sportsbooks automatically deposit winnings into your account, but you might need the reference for your wager if they don’t appear in your bankroll.

9 Benefits of a Placepot Bet

Are you new to placepot betting? Alongside being a fun way to watch horse racing, this type of wager comes with lots of benefits. Find the top advantages of knowing how to placepot bet below.

1. Potential For Big Wins

Placepot betting comes with the potential for significant payouts. You can earn much more than a single-race win-way bet if you correctly predict multiple wins. Plus, the winnings come from a payout pool. If there are fewer winning tickets and a big pool, you might win a big share of the pot.

2. Low Minimum Stakes

Typically, placepot betting has low minimum stakes. You don’t have to place big wagers to get in on the action. Perfect for bettors who want to start small with an accessible bet or don’t want to make a big financial commitment to a race.

3. Chance To Wager On Multiple Races

Thanks to the nature of placepot bets, you can wager on multiple races in one go. This can increase the overall enjoyment of the event, and it adds a layer of complexity to the wager. Plus, you’ll be engaged in the event all day, as you have a stake in up to six races.

4. Flexible Betting Options

Though you must wager on six races, placepot betting gives you the flexibility to wager on several horses in each race. You also have complete control over the total stake you want to spend. So, you can go big or small. Ideal for any bettors who want a personalised experience. 

5. Chance To Use Skill

Strategy and skills are needed for all types of sports betting. However, you need to spend time analysing track conditions, form, and distances for six different races. This takes more time than a single-race bet, but it can significantly pay off and increase your knowledge of horse racing in general.

6. Social Betting

Since placepot betting uses a shared prize pool, it’s often a more communal type of betting, especially if you’re betting in person at the race track. Placepot betters share camaraderie and compare strategies, and when the races are finished, winners can celebrate their shared success together.

7. Potential For Consistent Returns

Experienced bettors who stick to their strategy and make well-informed wagers can enjoy regular placepot returns over time. Of course, wins are never guaranteed, and horse races can be unpredictable. However, showing up and using a data-driven approach leaves you more likely to generate consistent profits.

8. Longer Engagement

Placepot betting keeps punters engaged for longer periods, as the races are dotted throughout the day. Rather than betting on one race and finding out your results in minutes, placepots offer prolonged excitement. This is great if you think solo bets end too quickly.

9. Easy To Learn

Finally, placepot betting is easy to understand. Once you know the horse racing betting basics, you’ll quickly pick up how placepot betting works. You don’t need complex calculations or have extremely niche knowledge. Instead, you need to know which factors to analyse and how the odds work. 

Even though placepot bets are simpler than other horse betting options, all punters should still endeavour to place researched bets and avoid impulse decisions. Your betting slip will thank you at payout time!

Tips for Winning at Placepot Betting

Alongside knowing how placepot betting works, reading and remembering a few tips is essential to help you win. Our in-house experts have gathered some top tips to help you improve your success. Bookmark the page so you don’t lose them.

Shop Around For Odds

If you’re using online sportsbooks for placepot betting, shop around for the best odds. Each bookie creates their own odds, and some might represent value better than others. For example, you might want to compare UKGC sportsbooks against non-UK betting sites

Understand Factors That Influence Horse Races

Research is critical to any wager. Placepot bettors should also understand and look for factors influencing horse race performances. These typically include:

  • Race distance
  • Weight carried
  • Horse breeding
  • Trainer tactics
  • Race class
  • Equipment changes
  • Racecourse layout 
  • Jockey experience 

At first, this might seem like a lot to take in. But with practice, examining these factors will become second nature. 

Examine Recent Performances

In addition to the factors above, you should also take note of the horses’ form and recent performances. In particular, look at their performance at similar events to see how they react to the surface and distance. There may be trends in their recent races that can give you an insight into their next race. 

Assess The Track Conditions

Horses race on different track surfaces, and the track condition can affect a horse’s performance more than expected. Some horses excel on soft ground, whereas others perform best on firm foundations. Don’t overlook these details.

Use Multiple Selections Wisely

A key perk of a placepot is that you can make multiple horse selections in different races. However, it’s best to be selective and not choose too many horses, as this can limit your winnings. Picking lots of horses is only good when the outcome is unpredictable. So, study the odds before you make numerous selections.

Apply Bonuses & Promotions

When betting online, you may have the option to apply bonuses and promos. For sports betting, these usually come in the form of welcome bonuses, free bets, and event-specific bonus funds. Add these to your account to make your cash go further. 

Always remember to read the bonus terms and conditions. While advantageous, some have high wagering requirements and payout limits. 

Monitor Odds Movements

Continue monitoring the odds until the last minute. Sometimes, there are significant shifts in the odds and markets just before the race. These movements indicate changes in form, injuries, and insider knowledge. 

Have Realistic Goals

Betting goals can be helpful when planning your wagers and organising your bankroll. But it’s critical to maintain realistic aims, as this lessens disappointment and the chance of impulsive or emotional betting. 

If you’re unsure what a reasonable goal is for you, experiment with a few low-stake bets to see how well your strategy works. You can then use these metrics to inform your betting aims.

Record Your Wins & Losses

Reflecting on your betting strategy can help you place more successful placepot wagers. But it’s hard to contemplate your recent bet if you don’t have them written down. 

So, keep a spreadsheet of your wins and losses. Not only will this inform your bankroll management, but it’ll remind you which tactics work and which you might want to avoid. Spreadsheets are a popular tool for keeping track of bets.

Top Placepot Betting Strategies to Try

Betting strategies are systematic plans and approaches that allow you to manage risk and have a better chance of winning. Usually, betting strategies include analysing the data and looking at relevant information to make informed wagers. 

Sometimes, bettors use well-known strategies to strengthen their bets. Here are some of the most popular placepot betting strategies:

Anchor Selection

Anchor selection is a betting strategy involving identifying a horse you’re confident will succeed. Once you’ve found a strong horse, you can use it as an anchor for the rest of your wagers. This allows you to narrow down the selections in other races and allocate more funds to races you’re not as sure about. 

Multiple Selections

Choosing multiple selections across different races is another popular strategy. Multiple selections can increase your chances of placing in the race and safeguard your placepot wager if your main selection fails.

This technique works best when you wager on horses with a genuine chance of winning than on random competitors. Don’t spread your bets too thinly without reason to.

Value Betting

Value betting is a strategy you’ll find in most sports betting guides. It involves identifying horses who have better odds than their actual chance of placing or winning. However, you need to spend time researching to nail a value bet. Here are some steps you must take:

  • Identifying overlooked horses – Look for horses that are underrated by punters. Often, these horses have just dropped down a class, are returning from a layoff, or have recently changed tactics or equipment.
  • Pay attention to key performance indicators – For example, jockey and trainer statistics, track conditions, distance preferences, fitness, and form.
  • Compare different odds – A Curacao betting site will have different odds from a British bookies. Always look at different odds to find discrepancies.

When value betting, you should also calculate the EV (expected value). You can do this by multiplying the probability of winning (or placing) by the odds available. Horses with positive values have a higher likelihood of winning.

What If Your Placepot Betting Strategy Doesn’t Work?

It can be frustrating if your placepot betting strategy doesn’t bring instant results. Luckily, there are some steps you can take to improve your results before you must abandon it. These include:

  • Analysing your strategy for weaknesses
  • Tracking your results
  • Seek feedback from other bettors and enthusiasts
  • Slightly adjust your approach (e.g. using more research or switching markets)

Horse racing can be unpredictable. If you experience a string of losses, it might not be because of your strategy. Be disciplined and maintain your betting plan regardless of the outcome. If you are disciplined and avoid emotional betting but still don’t see any changes – it might be time for a new strategy.

Can You Make Placepot Bets Without A Strategy?

You can make placepot bets without a strategy, and many players do wager without a structured or informed approach. Typically, non-strategic betting involves choosing horses based on gut feeling, the horse’s name, or the jockey’s colours. 

While non-strategic betting feels fun and spontaneous, it has a higher chance of financial losses. This is okay if you’re relaxed about losing and not trying to meet betting goals. However, if you want to meet your betting aims and protect your finances, it’s always best to use a consistent strategy.

At the end of the day, betting is a form of entertainment. If it ever becomes compulsive or impacts your personal life, there are anonymous organisations that provide help.

Common Mistakes to Avoid in Placepot Betting

Before you jump into placepot betting, take a moment to study what you shouldn’t do. It’s easy to focus on the tips and tricks, but knowing common mistakes will catapult you towards successful wagers. 

See the most common placepot betting errors below:

Chasing Losses

Chasing losses is a common mistake for most sports bettors. It occurs when you up your wager amounts or place more bets to recoup previous losses. While this might sound like a good idea, it actually makes you vulnerable to more losses. 

Instead, you should continue betting consistent amounts or take a break from betting altogether. This way, you won’t make any uninformed wagers and risk your cash.

Overbetting

Overbetting is when you spread your placepot bets too thinly by selecting many horses in each race. This can lessen your chances of winning and is only usually a good technique when the odds are unclear or unpredictable. 

Impulsive or Emotional Betting

Research and analysis are the backbone of placepot betting. If you’re in an emotional state after a few wins or losses, you’re more likely to make impulse bets without sufficient research. So, to avoid big losses, only wager when you’re in a calm and collected mindset. 

Luckily, placepot bets must be placed before any of the races occur, meaning it’s likely that this will be your first wager of the day.

Ignoring Classes and Competition Levels

With so many factors to consider before you place a horse racing bet, it’s only natural that a few get overlooked. One of which is class and competition levels. Top-class races have stronger competitors, and low-class races feature horses with less experience. 

Sometimes, there are movements between classes, and these can make a significant difference in the results. For instance, if a horse moves down a class, it will likely be the strongest competitor of its new group. Likewise, if a horse moves up a class, it won’t be as strong as some more experienced competitors.

Not Reviewing Your Betslip

Though every bettor claims they review their bet slip before they confirm their wager, many accidentally forget from time to time. 

It’s imperative to look at your bet slip in placepot betting because you’re wagering on more than one horse – there’s more margin for error. So, always check at least twice before confirming your stake.

Following The Hype

Regardless of whether you’re betting on horse racing, football, or tennis, there’s always going to be a favourite. Instead of blindly following the buzz, take time to do your own research. You can still bet on the popular horse, but always make sure the hype makes sense. 

Ignoring Market Changes

As mentioned, the odds and market will increase until the starting pistol sounds. Keep watching the market movements until the final moment for the best results. You’ll thank yourself when you take hold of a last-minute change. This is easier done when betting via your mobile.

Not Looking at Sportsbook Reviews

If you’re planning on making online placepot bets, choosing the right sportsbook is a big part of the process. Always take a moment to check out user reviews and professional betting site reviews before you make an account. This can save you a lot of time and effort in the long run. 

Other factors to consider when choosing a placepot betting site:

  • Whether the betting site offers placepot bets and horse racing
  • If the website has a legitimate licence
  • What payment methods are on offer
  • If there are any high-value bonuses and promotions
  • Whether the site is mobile-friendly
  • The minimum deposits and withdrawals 

Placepot Betting & Bankroll Management

Bankroll management is a significant part of any sports betting activity, so don’t overlook how you organise your spending. A carefully managed bankroll will always provide better returns than unorganised wagers. Find the most reliable bankroll management techniques below:

1. Create A Budget

The first step to creating a healthy bankroll is to budget an amount you can afford to lose. While no one plans to lose money when betting, it’s a real possibility and one you need to be prepared for. So, only wager disposable income that doesn’t affect your overall finances. 

2. Consider Using Units

Betting units are a popular management tool for punters across the UK. With this strategy, you divide your budget into sections (units) that are around 1-3% of the total bankroll amount. You can then decide how many units you want to spend per bet or per session.

3. Set Limits

If you want to ensure you don’t face any big losses, you can set limits on your spending. For example, some bettors cut their losses once they spend a certain amount. Alternatively, you can limit your time and take frequent breaks to avoid overspending.

4. Track Your Spending

Like tracking your betting strategy, you should note your spending. This will help you identify how much money you’re making compared to your wagers, allowing you to evaluate how well your strategy works.

5. Adjust Over Time 

As you gain experience, you change the way you wager. But you should also adjust your bankroll to match your new betting techniques. Typically, this involves changing your betting unit size or the amount in your overall budget in response to wins or losses.

Is Placepot Betting Right for You?

After learning what a placepot bet is, how it works, and how to make your wagers successful, you need to examine whether this betting style is best for you. 

Not all punters enjoy placepot betting. The best way to know if it’s right for you is to give it a try. But before you jump in, consider the following factors:

  • Interest in horse racing – Placepot betting might not be your thing if you’re not already a horse enthusiast. This bet focuses on the races and is better for those genuinely interested in horse races, analysing form, and studying racecards.
  • Preference for pool betting – Unlike traditional horse wagers, placepot betting is a type of pooled betting. This means all the bets are combined to form a prize pool, giving it a more communal and social feel.
  • Acceptance of risk – Any variation of sports betting comes with risk, but you must accept this and manage your risk for a successful betting experience. If you’re uncomfortable with the possibility of loss, it might not be ideal for you.
  • Discipline – Practising discipline is vital when it comes to placepot betting. From staying focused when researching to setting and sticking to your budget, maintaining control will help you succeed.

Where to Place Your Placepot Bets

Finally, if you want to embrace placepot betting, you need to know where you can make placepot bets. 

As explained earlier in the blog, the two main places to make placepot bets are online and in person at the racecourse. However, these two categories have plenty of options, and we’re here to help you decide which works best for you. 

  • Racecourse betting counters – If you’re physically attending the races, you have the option to bet on-site via the in-person netting counters. See our guide on how to place a placepot bet in person further up in the blog.
  • Betting shops – Betting shops are another reliable in-person place to wager. Most UK betting shops are owned and operated by well-known bookies, offering a more traditional face-to-face betting experience. There’s also the benefit of having expert staff nearby if you need assistance.
  • Online sportsbooks – Online sportsbooks and offshore betting sites are among the most popular gambling methods. These websites offer access to all prominent sports, real-time odds updates, live betting, valuable bonuses, and many also have casino features. It’s ideal if you want an all-in-one solution or can’t attend the race.
  • Betting apps – Though many betting websites are mobile-friendly, some punters enjoy betting via specialised apps. These are downloadable applications that you can store on your smartphone or tablet. Most reputable betting sites have their own apps.
  • Betting exchanges – Betting exchanges are very similar to online sportsbooks. However, the key difference is that betting exchanges take commission on any winnings but offer more favourable odds.

No matter which route you choose, make sure you’re betting with a reputable bookie. Look for genuine licensing, good bettor reviews, acceptance of legitimate payment methods, and a wide range of sports and markets before placing your first wager. 

You’ll thank yourself for doing the extra research when you’re betting with a trustworthy bookie! 

Conclusion: Give Placepot Betting a Try!

Placepot betting is a must-try for any horse racing enthusiasts. Whether you’re new to sports betting or refreshing your skills, we hope this guide has inspired you to get involved in the action. Bookmark this page so you don’t lose any of the expert tips and tricks! 
Learn more about sports betting from industry experts on the Non-GamStop Betting blog now.

Meet Our Team Of Gambling Specialists

Hello! I’m David Goldblatt, the lead author at BettingNonGamStop.com. I’m an experienced sports journalist who transitioned into making online gambling content in the mid-2010s. It’s something that fascinates me and I’ve always loved the way sports betting can make any event more exciting!

When I’m not researching the latest non-GamStop bookies, I’ll be playing football in the park or watching the local cricket club with my mates. I’m a massive advocate for responsible gambling, so feel free to message me if you need help. Other than that, I hope you enjoy my stuff and can find some trustworthy betting sites to join!