Betting exchanges have been around for a few years now and have given
punters an extra advantage when it comes to placing their bets. As well as
enabling the punter to lay any betting outcome, punters can get better odds
than traditionally offered by bookies.

For this service we are interested in the back and place market. If you are
unfamiliar with betting exchanges I would suggest that you visit betfair which
is the biggest betting exchange. Betfair offer tutorials to help you get to grips
with this relatively new betting concept.

The place market enables you to bet a horse to come 1st - 4th depending
on the number of the runners in the race.

Typically 5-7 runners = 1st and 2nd places
8-15 = 1st - 3rd places
and 16 + (handicap only) = 1st - 4th places

In the place only market we win the same amount if the horse comes 1st
or gets placed. This type of bet is similar to the each-way bet except that
in each-way you place two bets, one to win and one to be placed.

Click here for more information about using betfair.