Note: The comments referred to above have been sourced from the vendors web site (which can be referred to via the above link for more information). The above place betting eBook is also a great introduction to betting and explains how to read form guides, the different bet types and the psychology of betting.
Place betting systems by definition only collect when a runner finishes first, second or third in fields of 8 or more runners (or 7 in the event of a late scratching). In fields of 5, 6 or 7 (or 4 in the event of a late scratching) place dividends are only paid for first and second while with 4 or less starters no place dividends are paid. This applies in most parts of the world but in North America a bet that pays up to third place is called a "show" bet while a "place" bet only pays for first and second.
Back in the early 90s we devised a place betting system that used last minute win betting prices to predict first, second and third place probabilities and in turn the total predicted place chances - it then used these to target place bets predicted to have at least an 80% chance and at least 10% over the odds. Quite often this betting system identified horses predicted to be as short as $1.05 yet paying $1.20 or more - a massive overlay in percentage terms.
This method was successful because punters shy away from short priced dividends and not surprisingly it was independently reviewed by Punter's Choice as "matching claimed strike rates with consistent profits emerging" .The method of calculating place probabilities was part of our Place Odds Calculator software first released for $1,995 in 1995. It was reviewed by Punter's Choice as "an exciting product" and "capable of making accurate assessments of reasonably precise and profitable place odds".
The Ultimate Place Betting System had just two rules as follows:
If you don't want to monitor prices all day long then you could just use the first rule to pick runners with a higher strike rate that are more likely to always be over the odds. This can be achieved by reducing the true place div threshold to say $1.10 - equivalent to a predicted strike rate of around 90 percent or better (using $1.25 targeted 80% or better).
While the Place Odds Calculator software is no longer available, the same calculations are now incorporated in the Race Day Live part of our Bet Selector software (via the Set by Number or Percentage button) - you can get a free trial via the instructions below (includes a free copy of our Place Odds and Trifecta Report that describes the mathematics in more detail).