How to Use the Bet365 Position Payout Market

There has been a lot of innovation in football markets over recent years, which have advanced greatly with technology. Football Markets such as as the widely popular Bet Builders and in-play betting spring to mind. Horse racing on the other hand has kept more to its traditions which is why it's so refreshing to have a brand new horse racing market from bet365 called "Position Payout".

If you are familiar with betting on Horse Racing you'll know that the popular way to bet is to back to win or to back each-way. With an each-way bet your stake is effectively split equally in two, with one half of your stake on the win part of the bet and the other half on the place part of the bet. For a horse to place it must finish typically in either the top 2,3 or 4. The place part of the bet is typically 1/5 (It can be 1/4 for 7 or fewer runners) of the win odds. This varies depending on runners and the bookmaker terms. E.g. if you bet "£10 each-way" (total £20) on a 5/1 horse and it won you would win £50 from the win section and  another £10 for the place (1/5 of odds is 1/1). Total winnings would be £60. If the horse had placed 2nd the win part would lose which is -£10, the place part would win at 1/5 of the odds (1/1) so would be +£10. This would mean the bet would breakeven.

Betfair popularised splitting the win and place markets on its exchange. The bookmakers followed which now mostly have place markets to bet on. That is markets just for the horse to place in top 2,3 or 4 etc rather than "to win".

What the Position Payout market from bet365 does is something completely new and unique. This market gives you a higher return depending on the position the horse finishes. As bet365 themselves say "The higher the finish, the more you win".

To take an example in the 15:57 at Stratford on August 18th (odds correct at 15:24 18/08 and subject to change) if you bet £10 and Arclight wins you get £20 back (including stake), if 2nd it's £12 and if 3rd it's £6. Compare this to a 2/1 win bet on Arclight which would be £30 including stake. Or a £10 4/7 bet to place "top 3" which would be around £15.71. Or a £10 total each-way bet at 2/1 (3 places 1/5 place terms) which would be £22 returned with stake if 1st or -£3 if 2nd or 3rd.

As you can see from the above calculations which bet you choose affects the potential returns you'll get. You would choose the appropriate market depending on your own preference about where you believe the horse would finish. If you fancy it will win, it makes sense to go for the win bet for the biggest potential gain at £30. If you want extra insurance on a horse not winning, but placing, the other types of bet come into play.

The difference between bet365's Position Payout and a top 3 place bet are that the first position in our example pays out more at £20 for first versus £15.71. Although a top 3 place pays more if 2nd or 3rd at £15.71 versus £12 or £6. The each-way bet would only be better than position payout if the horse is 1st (£22 versus £20), but worse if 2nd or 3rd at -£3 versus £12 or £6.

As you can see from the figures the Position Payout promotion gives you an interesting new consideration of the best bet to place for your fancied horse. The above example is a 2/1 shot in a 7 runner race with 3 places on offer.

In the same race let's take a look at the 14/1 shot War lord (odds correct at 15:24 18/08 and subject to change) to see how things stack up at a bigger price. For this selection a £10 win returns £150 including stake. This bet each-way (£10 total) would return £94 if it wins or £14 if 2nd or 3rd. A £10 place bet for top3 would return £32.50. For Position Payout it would return £80 for the win, £32 for 2nd and £16 for 3rd. Once again the win bet is the highest payout if the horse is first. The Position Payout again pays out more for first than a place bet on the top 3 at £80 versus £32.50. The top 3 would payout marginally more than postion payout for 2nd at £32.50 versus £32 but double for third at £32 versus £16. The each-way bet would again be better if the horse is first at £94 versus £80 but less for 2nd at £14 versus £32 and less for third at £14 versus £16.

From our particular examples we can conclude that the Position Payout market can beat the returns of a horse placing 1st in a place bet, but not an each-way bet. However it can beat the returns for an each-way bet if the horse finishes 2nd or 3rd. It cannot beat a win bet for 1st, but it would beat the win bet if the horse is 2nd or 3rd.

Confused? Hopefully not too much! It is important when betting on a new market that you test and paper trade before betting any real money. This way you can be comfortable with the risks and you should only bet what you can realistically afford to lose.

In conclusion, this type of bet is likely to suit those looking for something that falls between an each-way and place bet. The each-way bet is more top heavy with winnings rewarding 1st place the most, while the place bet is an even amount regardless of 1st, 2nd or 3rd. Position Payout fills that gap and you are rewarded for finishing a higher place than a place bet would, but still have returns that beat each-way returns for the place element.

If you wish to bet on Position Payout at bet365 the good news is that they also offer new customers the free bet below...

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Horse Racing Position Payout Rules & Terms