Crash,

There is no such thing as 1/3rd odds for the place in 8 or more races. To suggest that anything worse is a rip off is flawed mathematics in many cases. A horses place chance is not simply three times it's win chance. If an even money shot has a 50% win chance, how can it possibly have a 150% place chance based on that thinking?

The best place betting scenario is a race where the favourite or the top two in betting dominate the market. Consider a race of 8 starters where the betting is as follows, with place prices in brackets;

2.50 (1.375)
2.50 (1.375)
9.00 (3.00)
12.00 (3.75)
17.00 (5.00)
17.00 (5.00)
26.00 (7.25)
101.00 (26.00)

That's about a 262% place market. A $300 outlay placed proportionately would guarantee a $38 profit no matter the placings - and at 1/4 odds.

If you find a bookie that bets these conditions you are on a winner. Many of the UK bookies do on the big carnival races over there - it's easy online.