The Placepot is a 6-fold bet seen in Horse Racing. It is like a Jackpot, a type of betting where the punter's every selection on the betting card must come in, in order to win. However, the Place-pot differs in that the punter's selections only need to place, (i.e. come 1st, 2nd or 3rd) for them to win on the bet.
The Place-pot is carried out on the first 6 races at a Racing Meet, or any 6 consecutive races after that. A Meet is a horseracing event that stages races. the Placepot is a type of bet run by the Tote. The Tote is the only bookmaker allowing parimutuel (or pooled) bets. The Placepot is therefore, a pool of wagers, from which the house takes a cut and the winnings are paid.
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