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A question that pops up repeatedly is whether it’s better to bet for a win, a place or each way.
I decided some years ago that place betting was not profitable. At least, not when I used my own selection methods. Even with an 82 per cent strike rate over a period of time, I still managed to lose money on place betting.
Although I seldom bet on an each-way basis, I am quite a regular place-only bettor. I operate a separate bank specifically for the purpose.
Quite often, via the place tote, it is possible to achieve extraordinary value. Many professional punters who bet for a WIN only when they can obtain overlays on their assessed odds would be more than happy to obtain the same results.
I have a feeling people bet to place, or win and place, because they fear losing some or all of their money on one bet. Two related things then become apparent.
These punters have a betting horizon that is quite short; they are concerned only with this bet and want to recover some of their money even if the horse doesn't actually WIN the race.