Place betting in racing involves backing all of the horses to finish in first, second or third spot, with the most common bets being place and show (or place and show in any order).
In sport it is not very often that you can bet on who will finish first, second or third. It is mainly used in horse racing where a head-to-head form of betting is not available.
While some racing fans may consider place betting more of a casual activity, it is still an important part of the industry that offers particular value for people who do not like to wager on races where the outcome is not known at the start. The odds on place betting are generally better than head-to-head racing because of the extra interest involved.