Did the runner win last time, has it won before etc. This is not always the case. This wager is also a traditional and simple wager. Though you receive a payout if the horse comes in first or second, you only receive what the horse pays to come in second, not the amount paid from the win pool. Again, normally picked due to the past performance record of the runner.
Many players make place wagers because it is a safer pick than a win wager.
If a runner has a strong PP, but it is not a sure win, many novice players will play the runner to come in second, or place. This wager is also a traditional and simple wager. This type of wager is easier to pick because now you can win if the horse comes in first, second, or third. Your runner must come in at least third, or show, to collect a payout. In this case, you only receive the money from the show pool.