A place bet is a type of wager commonly used in horse racing, where the bettor bets on a horse to finish in one of the top positions, typically first or second. Unlike a win bet, where the horse must finish in first place to win, a place bet allows for more flexibility, as the bettor can still win if the horse finishes in second place. The payout for a place bet is usually lower than for a win bet, as the likelihood of winning is higher. The rules for place bets can vary slightly depending on the specific event or track.

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