Podium / place

A market on finishing inside the top N rather than winning — a top-3 podium in motorsport, or a top-5/top-10/top-20 finish in golf. It pays shorter than the outright because far more of the field qualifies, and it is graded on finishing position alone, so it settles on a placing rather than on a win.

• Outright — A bet on who wins from a field of many competitors — one price per entrant, only one winner.
• Each-way — One stake split between winning and placing — smaller return on a win, some return on a near miss.