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We found 2 dictionaries that define the word place money:

General (2 matching dictionaries)
  1. place-money: Merriam-Webster
  2. place money: Wiktionary

Definitions from Wiktionary (place money)

noun:  (gambling) Money wagered on a horse, etc. to come second or third in a race, rather than winning it.
noun:  (gambling) The payout on such a wager.

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