The term “place” is most commonly used in horse and greyhound racing and refers to a horse or greyhound “placing” in the top 3.Example
When it comes to betting in horse racing, punters are most commonly looking for a horse to place if not win in an each way bet. For instance in an each way bet, there are two bets, one of which is for the horse to win and the other for it to place. By having the horse “place” the punter makes some return on a stake that would otherwise have lost. “Places” are also looked for in Each Way, Exacta, Quinella and Tricast bets.