I would like to fill the win column with the classifications win or lose with win defined as 1-3 place finish and loss as everything else.
UPDATE table set win = 'lose' WHERE place NOT in (1,2,3);
UPDATE table set win = 'win' WHERE place in (1,2,3);
OR with a little CASE statement
UPDATE table set win = CASE WHEN place IN (1,2,3) THEN 'win'
WHEN place NOT IN (1,2,3) THEN 'lose'
END ;