I'm wondering how many of you bet for the place, and can it be profitable?

I think partypooper bets for the place. I've given it a go but it seems that it is just as hard as picking a winner for me.

Maybe there is a system for picking some placers that someone is willing to share?

__________________
Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”

― Earl Nightingale

90% of my arbitrage trades are on place and since Sept 12, 2013 I've lost $60k with the lay side on Betfair. So having said that, if I just backed place, I would be up another $60k. I'd give place betting (in arb situations) a thumbs up. This is for both Au and international racing.

Thanks for the replies.

I have looked here for a thread on place betting, selecting,staking and so on.

My problem is %, it seems the filters I use take out as many winners as losers.

I end up with less selections but the result is still around 60% mark. Resulting in a long run of outs.

as a general guide it has a bit to do with what end of the market you are in. betting favourites or near favourites for a place on BF for example can be OK.

but making a profit from betting long shots for the place doesn't seem to be achievable because they are overbet.

It takes a certain mindset to be happy with 4% POT AND ride out the ups and downs. $40 per $1000 bet,....... not many can cope with it, many say its downright boring. In my case it's "revenge". Now I spend a lot of time arbing these days eg. Just today Dissident backed @ $5.50 laid @ $5 if it wins =6% POT if it loses 4% POT, tiny amounts and as Chrome says it's not easy to get any decent amounts set (BF) but it's sheer satisfaction!!!

I'm happy with slow and boring, 4% a week equals a doubled bank in 24 weeks

yes - the biggest risk is you don't get matched before the jump and are stuck with trying to get SP.
the SP doesn't seem scaleable and is NOT always matched to the full amount of your bet.
i left one a couple of weeks ago in a big Sydney metro race for 200 and only 150 got matched at SP.