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One of the most widespread bet types offered by UK betting sites is the Placepot. For a relatively small outlay, bettors can potentially win large sums if their Placepot bet is successful.
The Placepot is especially popular on horse racing betting apps for showcase annual meetings such as the Cheltenham Festival in March or Royal Ascot in June.
At most meetings, there is a minimum guaranteed sum in the Placepot money pool, which can be up to £250,000 on a Saturday.
At the 2023 Cheltenham Festival, the Placepot was a staggering guaranteed minimum of £1 million every day of the meeting.
If a Placepot is not won, the pool is carried forward to a selected meeting on the following day. When there is a carryover, huge pools can build, and some spectacular wins can be achieved when there has been a carryover.
Playing the Placepot can be a hugely enjoyable way of betting but also particularly nerve-racking if making it to the final leg with a chance of a big payday.
How does a Placepot work?
To win the Placepot, bettors must successfully pick a horse or horses to be placed in each of the first six races at any UK, Irish or selected international horse racing meeting using a gambling site.
The average Placepot payout over all meetings in 2023 was £466 to a £1 stake. The last five Cheltenham Festivals have resulted in an average payout of a colossal £7,126 to a £1 stake.
The Placepot, which the Tote operates, is available to bet on from 4pm the day before the meeting. Most of The Independent’s recommended horse racing betting sites accept Placepot bets, which are funnelled into the Tote Placepot pool.
All Placepot bets must be placed before the first race of the meeting has started.
How many places are paid in the Placepot?
The number of places that qualify in the Placepot is the same as the number of places paid in a standard each-way or place-only bet on betting apps.
The number of runners and the places paid are as follows:
- 1-4 runners – First place only
- 5-7 runners – First two places
- 8-15 runners – First three places
- 16 or more runners (non-handicap) – First three places
- 16 or more runners (handicap) – First four places
How much does the Placepot cost?
The Placepot dividend is paid to a £1 stake, but the minimum bet can be as little as 1p per line. Most accumulator betting sites stipulate a minimum Placepot stake total of 50p or £1.
Many Placepot players select more than one runner to be placed in each race. This is referred to as multiple Placepot lines. This means that more than one Placepot dividend can be won.
Calculating the number of lines in a Placepot can be determined by multiplying the number of selections in each leg.
For example:
- Race 1 – Two selections
- Race 2 – Three selections
- Race 3 – One selection
- Race 4 – Two selections
- Race 5 – One selection
- Race 6 – Two selections
This equates to 2 x 3 x 1 x 2 x 1 x 2 = 24 lines.
If the stake is £1 per line, the total outlay would be £24. If one line is successful, the bet will pay the declared Placepot dividend. If two or more lines succeed, the dividend will be paid on each winning line.
Each 50p winning line would pay 50 per cent of the dividend, 20p per line would pay 20 per cent, and so on.
How is the Placepot dividend calculated?
There is an operational deduction of 27 per cent from the total amount invested in the Placepot pool. If the entire pool is, for instance, £100,000, then £27,000 will be deducted, with the remaining £73,000 divided between the number of winning lines.
What Happens in the case of a non-runner?
If a selection in a Placepot is a non-runner, the selection will automatically be switched to the starting price favourite.
In the case of joint or co-favourites, the runner with the lowest number on the race card will become the selection.
Placepot Strategies explained
There are many ways to approach Placepot betting, and different players will have their favourite methods.
When selecting one runner per race, the chances of winning the Placepot are less than when choosing more than one runner in each leg. Every selection must reach the frame. Conversely, selecting one runner per race means the outlay can be smaller or to a more significant stake.
When making multiple selections in each leg, the chance of a successful winning line or multiple winning lines increases if more than one pick in each race reaches the frame – the more selections in each leg, the greater the number of lines.
Many Placepot bettors will attempt to find one or two odds-on shots among the six races to keep stakes to a reasonable level. For instance, these may be very short-priced favourites considered virtually impossible to keep out of the frame.
This also allows for more leg selections where the betting may suggest a wide-open race.
It is worth considering that the more favourites that make the frame, the greater the number of winning lines – the more outsiders in the frame, the bigger the potential dividend.
Tote New Customers Offer – Bet £10 Get £30 in Free Bets
For those wishing to bet on the Placepot directly with the Tote, there is a simple sign-up process for new customers looking for a Cheltenham offer, which includes £30 in free bets at the festival when making an initial wager of £10.
- Register and make a deposit on the Tote website or app
- Place a £10 win or £10 each-way wager
- Your account will be credited with £30 in free Cheltenham Festival bets
- Plus 50 free spins on leading online slot game The Goonies
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Last Updated: 2nd July 2024, 02:18 PM
