In my previous post I explained the basic math behind calculating the payouts for Win wagers; which, in turn, is the same basic formula for calculating payouts for any other single winner result at the track. So if you know how to figure out how much the Number 7 horse will pay to Win in Race 5 at Emerald Downs, you can use those same steps to calculate, for example, how much the 7-1 Exacta or the 7-3 Double will pay.
In this post, I will try to explain how payouts are calculated for multi-winner results; specifically, Place (which, typically, will have two "winners") and Show (which, typically, will have three "winners"; exceptions coming when there is a tie for one of the top spots, officially referred to as a Dead Heat). We'll begin by making sure that we all understand what each wager represents.
When you bet a horse to Place, your horse must finish either first or second in order for you to collect.
When you bet a horse to Show, your horse much finish either first, or second, or third in order for you to collect.
As with all other wagers, Place and Show bets form their own pools; meaning that payouts are determined solely by the amount bet into those specific pools. So, for example, the amount bet on the Number 7 horse to Win is totally irrelevant to how much the Number 7 horse will pay for Place; which, in turn, is totally irrelevant to how much the Number 7 horse will pay for Show.
OK; let's work out a few examples. Suppose Happy Day and It Figures finish one-two in Race 5 at Laurel Park. $25,000 was bet into the Place Pool. What are the payouts?
First Step: Deduct the track take out
First things first; just as with all the other wagers, the race track makes sure that it gets its cut of the money. Let’s again pretend that FDR is still President of the United States, and the track takeout is a mere ten percent. So we’ll deduct ten percent out of our Gross Place Pool of $25k, giving us a Net Place Pool of $22,500.
Next Step: Determine how much was wagered on the two Place horses
A review of the tote board shows that $6,500 was bet on Happy Day to Place, while It Figures was backed by $12,750 in the Place Pool.
Net Step: Determine the profit amount to be divided among the winning bettors
Simple enough; we just subtract the amount wagered on Happy Day and It Figures from our Net Place Pool. So $22,500 minus $19,250 ($6,500 plus $12,750) gives us $3,250, which is the amount of profit to be split up among the winners.
Net Step: Divide the total profit amount into two prize funds
This is a step we don't have in the single winner pools. Since there are two Place horses, the profits get divided in half. $3,250 split down the middle gives us $1,625. So $1,625 will be divided among those who made a Place bet on Happy Day, while $1,625 will be divided among those who made a Place bet on It Figures.
Next Step: Divide each prize fund equally among all winning tickets for each horse
For Happy Day, this means $1,625 gets divided by $6,500, giving us $0.25. The $1,625 prize fund for It Figures gets divided by $12,750, giving us $0.13.
Next Step: Remove breakage
Time for the track to double-dip, which it does by rounding both of those amounts down to the nearest dime (though it should be mentioned that New York, for one, does give the bettors a break in the breakage by only rounding down to the nearest nickel). So Happy Day bettors see their profits shrink from $0.25 to $0.20, while It Figures goes from $0.13 to $0.10.
Final Step: Double each amount and add two dollars to determine payouts
Our calculations have computed the profits for each dollar wagered. Since race tracks, traditionally, display Win, Place, and Show wagers per every two dollars bet, we double the profit and add in the initial two dollar wager. That gives us Place payouts of:
Happy Day $2.40 (($0.20 x 2) + $2)
It Figures $2.20 (($0.10 x 2) + $2)
Alright, let's do another one. We'll use the same race, except this time It Figures runs third, getting nosed out at the wire by Unexpected. How does that change the payouts? Well, for starters, those who wagered on It Figures to Place are now losers, collecting nothing but an unpleasant memory. As for Happy Day and Unexpected:
First Step: Deduct the track take out
There's no change in this step; ten percent comes off the top of our Gross Place Pool of $25k, giving us a Net Place Pool of $22,500.
Next Step: Determine how much was wagered on the two Place horses
We still have the same $6,500 bet on Happy Day to Place, while Unexpected was backed by just $2,200 in the Place Pool.
Net Step: Determine the profit amount to be divided among the winning bettors
As before, we're subtracting the amount wagered on Happy Day and Unexpected from our Net Place Pool. So $22,500 minus $8,700 ($6,500 plus $2,200) gives us $13,800, which is the amount of profit to be split up among the winners.
Net Step: Divide the total profit amount into two prize funds
$13,800 divided by two gives us $6,900. So $6,900 will be divided among those who made a Place bet on Happy Day, while $6,900 will be divided among those who made a Place bet on Unexpected.
Next Step: Divide each prize fund equally among all winning tickets for each horse
Those who wagered on Happy Day now have $6,900 to split up among their $6,500 in tickets, which makes for $1.06 . Meanwhile, the $6,900 prize fund for Unexpected gets divided by $2,200, giving us $3.14.
Next Step: Remove breakage
It's good to be the house, as the track takes again, knocking the $1.06 for Happy Day down to an even dollar, while the $3.14 for Unexpected shrinks down to $3.10.
Final Step: Double each amount and add two dollars to determine payouts
As before, our calculations have computed the profits for each dollar wagered. Doubling the profit and adding in the initial two dollar wager gives us Place payouts of:
Happy Day $4.00 (($1.00 x 2) + $2)
Unexpected $8.20 (($3.10 x 2) + $2)
Notice the increase in payout for Happy Day just by virtue of It Figures not finishing in the other Top Two spot. Lesson to be learned: Place bets (and, as we'll see later, Show bets) are more desirable when you have a strong opinion that a well backed horse will not be getting a share of the pool.
Calculating Show payouts follow the same basic steps as above, except there's now three "winners" to be taken care of, instead of just two. So let's work out an example, using the same race as above, with Happy Day, Unexpected, and It Figures crossing the wire in that order. There's $20,000 in the Show pool; let's go!
First Step: Deduct the track take out
$20,000 reduced by ten percent leaves us $18,000.
Next Step: Determine how much was wagered on the three Show horses
Per the tote board, the amounts bet on each horse to Show:
Happy Day: $4,800
Unexpected: $1,400
It Figures: $10,000
Net Step: Determine the profit amount to be divided among the winning bettors
$18,000 minus $16,200 ($4,800 plus $1,400 plus $10,000) gives us $1,800, which is the amount of profit to be split up among the winners.
Net Step: Divide the total profit amount into three prize funds
Since there are three Show horses, the profits get divided three ways. $1,800 divided by three is $600.
Next Step: Divide each prize fund equally among all winning tickets for each horse
Happy Day: $600 / $4,800 = $0.125
Unexpected: $600 / $1,400 = $0.43
It Figures: $600 / $10,000 = $0.06
Next Step: Remove breakage
Happy Day drops to $0.10; Unexpected shrinks to $0.40; WAIT! What do we do about It Figures? If we round down to the nearest dime, the wager has no profit.
Well, for It Figures, the track can only round down to $0.05. This is because race tracks must pay out a minimum of five cents to the dollar for winning wagers, regardless of how much is in the pool (more on this momentarily).
Final Step: Double each amount and add two dollars to determine payouts
Happy Day $2.20 (($0.10 x 2) + $2)
Unexpected $2.80 (($0.40 x 2) + $2)
It Figures $2.10 (($0.05 x 2) + $2)
And there you go.
I mentioned a few lines ago that race tracks must pay out at least five percent (five cents on the dollar) for every winning wager. Sometimes so much is wagered on a specific horse in a pool (almost always the Show pool) that there isn't enough in the pool to cover all the winning tickets. This is a situation known as a minus pool, meaning that the track is going to lose money on the race, because it will have to dip into its reserves to pay all bettors the amounts that are due.
Let's work out an example of a minus Show pool. We'll use the same race as above, except this time It Figures really figures with the bettors, to the point where the big plungers have wagered heavily on It Figures to finish either first, second, or third. We'll tweak our pool so that, instead of having a Show pool of $20k with $10k of that wagered on It Figures, we now have a Show pool of $50k, with all of the additional $30k having been put down on It Figures.
First Step: Deduct the track take out
$50,000 reduced by ten percent leaves us $45,000.
Next Step: Determine how much was wagered on the three Show horses
Our adjusted tote board now shows the following amounts bet on each horse to Show:
Happy Day: $4,800
Unexpected: $1,400
It Figures: $40,000
Net Step: Determine the profit amount to be divided among the winning bettors
$45,000 minus $46,200 ($4,800 plus $1,400 plus $40,000) gives us, well, it doesn't give us anything. Actually, it gives us less than anything, as the result is a negative $1,200. But, profits or no profits, the track must pay the minimum of five percent, or $0.05 for every winning dollar wagered. So we can just skip the remaining steps and cut to the chase:
Final Step: Double each amount and add two dollars to determine payouts
Happy Day $2.10 (($0.05 x 2) + $2)
Unexpected $2.10 (($0.05 x 2) + $2)
It Figures $2.10 (($0.05 x 2) + $2)
Almost all the money was bet on It Figures; but because there were no profits in the pool left to distribute to backers of Happy Day and Unexpected, all three horses pay the same amount for Show, the $2.10 minimum.
Did it make sense to bet on Happy Day and/or Unexpected to Show when there's a minus pool? Well, when deciding upon your answer, keep in mind that in racing, as in real life, things that figure to happen don't always come to pass. Sometimes events that can't miss do, in fact, miss. Sometimes horses like It Figures finish out of the money; and then what? Well, for one thing, it causes those who wagered heavily on It Figures to rethink their life choices. As for the Show payouts:
First Step: Deduct the track take out
$50,000 reduced by ten percent still leaves us $45,000.
Next Step: Determine how much was wagered on the three Show horses
The amounts on Happy Day and Unexpected remain the same; but Nondescript replaces It Figures:
Happy Day: $4,800
Unexpected: $1,400
Nondescript: $800
Net Step: Determine the profit amount to be divided among the winning bettors
$45,000 minus $7,000 ($4,800 plus $1,400 plus $800) gives us $38,000, which is the amount of profit to be split up among the winners.
Net Step: Divide the total profit amount into three prize funds
$38,000 divided by three is $12,666.67.
Next Step: Divide each prize fund equally among all winning tickets for each horse
Happy Day: $12,666.67 / $4,800 = $2.64
Unexpected: $12,666.67/ $1,400 = $9.05
Nondescript: $12,666.67/ $800 = $15.83
Next Step: Remove breakage
Happy Day drops to $2.60; Unexpected shrinks to $9.00; Nondescript falls to $15.80.
Final Step: Double each amount and add two dollars to determine payouts
Happy Day $7.20 (($2.60 x 2) + $2)
Unexpected $20.00 (($9.00 x 2) + $2)
It Figures $33.60 (($15.80 x 2) + $2)
Real life examples of such occurrences include last Saturday's Hollywood Starlet Stakes, July's Victory Ride Stakes at Belmont Park, this 2010 Allowance Race at Calder, and 2009's Desert Stormer Handicap. There are many other examples, but these help illustrate how such Show payouts can happen, while reminding us all that there's no such thing as a sure thing.
The steps for calculating Place and Show payouts above work with any payout that involves multiple "winners". For example, if there's a Dead Heat for Win, then Win payouts and the resulting exotic payouts (because there are now two winning Exactas, Trifectas, etc.) are determined using the Place payout steps; the Show payout steps are used when three horses finish in a Dead Heat for Place; and so on.
So now you know all you need to know about how to calculate payouts at the track (well, almost all; we didn't cover consolation Doubles and Pick Threes; that will have to wait for another day). If you have any questions, or if you see (or think you see) an error in my work, please LET ME KNOW and leave a comment below.
Peace and Love,
Jimbo
22 comments:
Very nice explanation, I am Iam always wondering what is happening to the rest of the money bad on the other horses??
For example if the total win pool is 100.000 . Horse number 1 wins he has $20.000 bet on him the other $80.000 are bet on the rest of the field. So the truck will take out 20% from the pool and dived the rest among those who bet the 1 Horse Correct? what happens to the rest of the money bet on the other horses go to the number 1? please explain.
Thanks,
Peter
If I'm understanding your question, you are asking what happens to the money wagered on the horses that does not go to those who wagered on the winner; that is, where does the track takeout go (which, in the examples above, was 10%; though the principle is the same if you make it 20%, or any other percentage).
These are the funds that the racetrack uses to fund their operations; that is, these are the monies that the racetrack uses to pay its employees; pay out purse winnings to the winning owner; maintain the facilities; and so forth.
I hope this answers your question. If not, please let me know.
Peace and Love,
Jimbo
GP 4/25 r#4 show:$48,441 1st 3,667 bet paid 2.60 show, 2nd 35,355 bet paid 2.10, 3rd 3,667 bet paid 3.60
2.10 is correct minimum. It looks like the track took "less" than 15% take. It looks like the bigger tracks AQU SA GP give us a break?
Interesting questions, Gerald; but it's hard to answer based upon the example you gave, as it seems that there's a typo in one of your numbers. Note that you have the same amount being wagered to Show on the 1st horse and the 3rd horse: $3,667; but you have the 1st horse paying $2.60 and the 3rd horse paying $3.60. If you find the corrected numbers let me know, because it looks like an interesting example to work out.
As to your broader question regarding the takeout rates at various tracks, this link:
http://www.horseplayersassociation.org/sortableratings.html
will take you to the annual Horseplayers of North America (HANA) Track Ratings, which will give you the current (as of 2014) takeout rates for all North American racetracks on all wagers that they offer.
Peace and Love,
Jimbo
Right. correction: Horse #3 $2,047 bet. Other numbers are ok. I see it happen in "bridge jumping" situations. This is a "mini" bridge jump on the place horse.
Thanks for replying! Unfortunately, it looks like there's still a problem with the numbers, as the ratio between the payouts for the 1st & 3rd horse to Show ($.80 profit per dollar wagered vs $.30 profit per dollar wagered) doesn't match the ratio of funds wagered on them in the Show Pool ($2047 vs $3667) that you have provided. Are you getting this information online? If so, please send a link so that we can take a closer look.
Anyway, to get to the main point of your question, yes, it looks like you have a situation similar to the example above where It Figures pays $2.10 (the minimum allowed) while Happy Day pays $2.20 and Unexpected pays $2.80. In this case, in Saturday's Tarpon Stakes, it was Mr. Jordan who was bet heavily in the Show pool, with the bettors of Royal Squeeze and My Point Exactly also getting a share of the loot.
By the way, how did you do today? Hope you came out ahead (I didn't). More importantly, I hope you had a good time (I did; that why I keep going back for more).
Peace and Love,
Jimbo
Can you answer a question for me...I'll just break it down simply...I bet $2 across the board, the horse comes in say 2nd, the board shows the payout for place and show positions to be say $4.20 and $4.80...that is the amounts that I win, correct? So I would get back a total of $9?
Exactly, Veronica. You get back $9 ($4.80 + $4.20) giving you a $3 profit (nine dollars you got back minus the six bucks you originally wagered). Good job!
Peace and Love,
Jimbo
You said that this could be applied to exotic payouts. I was wondering about a couple of details. With an exacta bet (assume the min is $1) I'm betting on two horses. If I bet $1 minimum on 5 and 6 would .50 would go to the pool of each horse? This would also split the bet evenly for each type trifecta (by 3) and superfecta (by 4). Then that would mean there are different odds for each pool. Are the odds on the toteboard the combination of total pool by how much was spend on each horse? Or is it just for the win pool?
Thanks so much for reading, kovert! As to your question: "If I bet $1 minimum on 5 and 6 would .50 would go to the pool of each horse?". The answer is no. Let's consider the Exacta pool; and let's presume we have a field of six entrants.
Now, in the Win pool, six entrants would mean six wagering possibilities. But in the Exacta pool, six entrants means that there are thirty wagering possibilities:
1-2; 1-3; 1-4; 1-5; 1-6
2-1; 2-3; 2-4; 2-5; 2-6
3-1; 3-2; 3-4; 3-5; 3-6
4-1; 4-2; 4-3; 4-5; 4-6
5-1; 5-2; 5-3; 5-4; 5-6
6-1; 6-2; 6-3; 6-4; 6-5
If it helps, think of each of those wagering possibilities as different horses. So while the Win pool will have six horses, the Exacta pool, which is totally separate from the Win pool. will have thirty "horses". Also note that the 5-6 Exacta is a completely different "horse" from the 6-5 Exacta; which makes sense since, as you already know, a wager on the 5-6 Exacta by itself pays nothing if the two cross the wire 6-5. So to calculate the Exacta payouts, you would use the process for determining Win payouts; except that you are now using a completely separate pool; a pool that has thirty horses.
The concept is the same for Trifectas and Superfectas. Space (and energy!) doesn't allow for typing out all those combinations for even a field so small as to have only six runners; but for the Trifecta pool you would have 120 "horses" (that is, 120 separate and distinct wagering possibilities) while the Superfecta would have 360 "horses". And, of course, as with the Win pool and the Exacata pool, the Trifecta pool is its own separate pool; likewise the Superfecta pool.
As to the odds you would see on the tote board at the track, I presume that you're referring to the numerical Win wager odds; which are just that, the parimutuel odds on each horse to Win, having no connection whatsoever to Exacta odds and payouts. Exacta odds and payouts are normally shown in a separate area of the board, and/or on the television monitors; or online, if you are playing using one of the various online wagering sites.
I hope that helps answer your question. If not, or if you have any other questions, please let me know. Thanks again for reading!
Peace and Love,
Jimbo
Exactly what I was looking for thank you so much! Would the quinella pool then just be half of the combinations of the exacta pool?
You are so welcome! It was my pleasure. And, yes, you are 100% correct: the Quinella pool would have half the combinations of the Exacta pool.
Peace and Love,
Jimbo
The 5th Race at Churchill (1Nov2018): I don't understand the Place payout fo the #7 Horse. Here are the figures:
Total Place Pool= $56,195. Churchill takeout= 17.5%, leaving $46,360 in Place Pool.
#10 Horse won. #7 placed.
$15,507 was bet to Place on #10.
$6477 was bet to Place on #7.
$21984 total.
$46,360 minus $21,984= $24,376.
$24,376 divided by 2= $12,188.
For Horse #10> $12,188 divided by $15,507= 0.78
For Horse #7> $12,188 divided by $6477= 1.88
After Breakage, Horse #10 should pay $3.40 to Place (which it did.)
After Breakage, Horse #7 should pay $5.60 to Place ( but it actually paid $6.00) WHY????
First things first: thanks for stopping by!
Second things second: Yes, the Place payout for # 7 Jo Marie in Race 5 @ Churchill Downs today (11/1/18) does indeed appear to be incorrect. And I cannot tell you why, as your math is spot on. The best guess I have is that, for whatever reason, when the payout was calculated, the $6477 wagered on # 7 Jo Marie was input as $6077. But again, that is only a guess on my part. I really have no idea as to exactly what happened.
Anyway, good job on spotting that error! And I'm glad to see that it was an error that went in the bettors' favor (for a change).
Peace and Love,
Jimbo
It seems that the method used by racetracks to calculate place and show payoffs changed a few years ago. Do you know what the formula is now?
I'm unaware of any changes to the formula used to calculate Place and Show payouts. Certainly the factors within the formula are subject to change; for example, the take out rate used by individual tracks varies a great deal, and many have changed multiple times just over the past few years. But as to the formula itself, there are no changes of which I am aware.
Peace and Love,
Jimbo
I am afraid you are behind the times, Jimbo.
The person who commented on November 1, 2018 about a change in the method used to calculate place and show payoffs is correct. The current method is called "net pool pricing."
It's hard to explain, but the upshot is that, all other things equal, the payoffs for horses most heavily bet in the place and show pools (favorites) is lower under net pool pricing, and the payoffs for non-favorites in those pools is higher.
You can read about it here.
* https://www.usracing.com/news/analysis/what-is-net-pool-pricing
David G.
Well how about that. Talk about being behind the herd! And not just by a bit; but by over a decade as well.
Thank you so very much David for bringing this to my attention. It is indeed greatly appreciated!
Those seeking more information regarding net pool pricing and its effect upon Place and Show payouts are strongly encouraged to view the article linked by David above. Another place that details the math behind net pool pricing can be found here:
https://www.thorograph.com/phorum/read.php?1,57984,58167
Thanks again David for bringing this information to this place, and for helping to bring this dinosaur blogger out of the Stone Age!
Peace and Love,
Jimbo
You are welcome, Jimbo. I really don't understand the logic behind changing the calculation method, but it very definitely has changed.
I used to look for value on favorites in the place and show pools and wager accordingly. Fairly large wagers; in the three figures, anyway. I was pretty good at grinding out profits. I didn't wager very often, but when I did, I was betting a good bit.
The first time I noticed the change -- this was years and years ago -- the race was over, the numbers of the top three finishers was being shown on my computer screen, and I was expecting to receive $3.00 on my show bet. I was so used to doing the payoff calculations, I could do them in my head. Then the race was declared official and I only got $2.40.
I first thought I must have made a math error, but I pulled up the pari-mutuel pools on Twinspires.com (or whatever it was called back then) and did the figuring with a calculator. My arithmetic had been correct: the payoff should have been $3.00 on a $2 ticket. I did some calculations on other races and realized that none of the place and show payoffs made sense under the traditional method.
The next day I called up the racetrack and asked for an explanation; I was still halfway thinking I had been robbed and I was about to expose some kind of conspiracy. I ended up talking with someone who worked for the tote company; he very patiently explained to me that the calculation method had changed and that $2.40 was correct under the new method. He gave me the formula for the new method, which unfortunately I have misplaced.
Anyway, once I realized the impact of the new method, my place and show betting -- at least on favorites -- came to an abrupt end. The odds are just too much to overcome.
Silly question maybe, but within the scope of possibilities.
What happens to the place split pool if say nobody bet on the winning horse to place. How is the Net Split pool for the winning horse distributed. Is it just added to the other place Split pool amount for the other place horse allowing other place betters to benefit from it or is that a track take out because no one bet on a one of the place pool finishers?
Thanks so much.
Hugh
Interesting question! So interesting that my answer will be in two parts!
While unlikely, it certainly is possible that there was no money bet to Place on either the winner of the race or the runner which took second position. So what would happen in such a circumstance?
Before answering that question, let's expand it to cover the other two pools as well. So that gives us three questions:
1) What happens if there was no money wagered in the Win Pool on the winner?
2) What happens if there was no money wagered in the Place Pool on either the winner or the horse which finished second?
3) What happens if there was no money wagered in the Show Pool on either the winner, or the horse which finished second, or the horse which finished third.
For the answers to these three questions, I'm quoting from this site:
https://www.ilga.gov/Commission/jcar/admincode/JCARTitlePart.asp?Title=011&Part=0301
which provides the rules in effect for Illinois. An (admittedly) un-comprehensive online search suggests that the rules are the same for other racing jurisdictions in North America; but, as with all things horse racing, that is not guaranteed.
More to follow!
Peace and Love,
Jimbo
As promised, Part Two!
Anyway, the Illinois rules for such scenarios are as follows:
Section 301.20 Win Pools
b) The net win pool shall be distributed as a single price pool to winning wagers in the following precedence, based upon the official order of finish:
1) To those whose selection finished first; but if there are no such wagers, then
2) To those whose selection finished second; but if there are no such wagers, then
3) To those whose selection finished third; but if there are no such wagers, then
4) The entire pool shall be refunded on win wagers for that contest.
Section 301.30 Place Pools
b) The net place pool shall be distributed to winning wagers in the following precedence, based on the official order of finish:
1) If contestants of a coupled entry or mutuel field finished in the first two places, as a single price pool to those who selected the coupled entry or mutuel field; otherwise
2) As a profit split to those whose selection is included within the first two finishers; but if there are no such wagers, then
3) As a single price pool to those who selected the one covered betting interest included within the first two finishers; but if there are no such wagers, then
4) As a single price pool to those who selected the third place finisher; but if there are no such wagers, then
5) The entire pool shall be refunded on place wagers for that contest.
Section 301.40 Show Pools
Section 301.40 Show Pools
a) The amounts wagered to show on the first three betting interests to finish are deducted from the net pool, the balance remaining being the profit; the profit is divided into three equal portions, one being assigned to each winning betting interest and divided by the amount wagered to show on that betting interest, the resulting quotient being the profit per dollar wagered to show on that betting interest. The net show pool shall be distributed to winning wagers in the following precedence, based upon the official order of finish:
1) If contestants of a coupled entry or mutuel field finished in the first three places, as a single price pool to those who selected the coupled entry or mutuel field; otherwise
2) If contestants of a coupled entry or mutuel field finished as two of the first three finishers, the profit is divided with two-thirds distributed to those who selected the coupled entry or mutuel field and one-third distributed to those who selected the other betting interest included within the first three finishers; otherwise
3) As a profit split to those whose selection is included within the first three finishers; but if there are no such wagers, then
4) As a profit split to those who selected the two covered betting interests included within the first three finishers; but if there are no such wagers, then
5) As a profit split to those who selected the one covered betting interest included within the first three finishers; but if there are no such wagers, then
6) As a single price pool to those who selected the fourth place finisher; but if there are no such wagers, then
7) The entire pool shall be refunded on show wagers for that contest.
So there you go! Returning to your specific question, based on the above, if no one wagered on either the winner or the second place finisher in the Place Pool, then the Place Pool is distributed to those who wagered in the Place Pool on the horse that ran third. What if no one bet on that horse either? Then refund the Place Pool wagers.
Thanks for the question!
Peace and Love,
Jimbo
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