Pretty much does exactly what it says on the tin! Available throughout the horse racing season, get yourself either a cash stake refund or free bet matching your stake (see offer restrictions) if the horse you select finishes 2nd in the race. Offers better value that other offers such as 2nd by a neck or 2nd by a length or less promos. William hill offer their money back 2nd via invite only throughout the week, but we do see a flourish of 2nd place refund offers being added for the weekends ITV racing.
At the time of writing - the key UK bookmakers offering 2nd place refunds for ITV racing are Betway (£20 free bet), Sportingbet & bwin (usually £10 refund in the form of cash or free bets)