The following conditions apply to a place bet:(a) the bet is off if it is made at starting price and (i) fewer than 8 competitors start in the relevant race; or(ii) the favourite for the relevant race starts at odds on;(b) the bet is on (i) first, second and third if 8 or more competitors are entered in the relevant race when the bet is made; or(ii) first and second if 5 or more (but fewer than 8) competitors are entered in the relevant race when the bet is made;(c) the bookmaker may lay the odds for a win and place in the relevant race if the bookmaker bets win and place in respect of every competitor in that race;(d) if a bookmaker lays the odds for a win and place pursuant to paragraph (c) , the odds for a place are to be (i) one-fourth of the odds for a straight out win if 8 or more competitors are entered in the relevant race when the bet is made; or(ii) one-third of the odds for a straight out win if 5 or more (but fewer than 8) competitors are entered in the relevant race when the bet is made.