What does place only mean in horse race betting?

Question

What does place only mean in horse race betting?

Answer 1

You get the place odds (usually one fifth or one quarter of the actual odds) even if the horse wins.

Answer 2

First horse over the line-win

Second-place

Third-show

Place only bet means your betting the horse comes in second.  If he comes in any other spot, you lose.

Answer 3

if you bet a horse to place you are betting him second. however if he wins you still win. every type of bet has a seperate pool( amount of money bet for that type of bet) .off the top the track takes a % and the government takes a %. so the tracks don't care who wins they already got their money off the top.