It works by the bettor choosing one or more horses in each of the designated races, and if the selected horses finish within the required places (usually top three or four), the bettor wins a share of the prize pool. The pool is divided among the remaining bettors after each race, and the fewer winners there are, the larger the payout.
Placepot Example
For example, if a bettor chooses six horses, one in each of the first six races at a race meeting, and all of their selections finish within the top three, they win a share of the total prize pool.