Put cash on a horse, but not to win (5-5)

'a horse but not to win' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'put cash' is the wordplay.
I cannot quite understand how this works, but
'put' could be 'place' (synonyms) and 'place' is located in the answer.
'cash' could be 'money' (cash is a type of money) and 'money' is found within the answer.
This accounts for all the letters.
This explanation may well be incorrect...

'on' acts as a link.

Can you help me to learn more?