The British Open starts this Thursday and ends on Sunday!
Some bookmakers are running extra place offers, including SkyBet, Betfair Sportsbook and Paddy Power who are paying out the top 10 places!
Note these bets need to be placed before Thursday morning.
This is a profitable opportunity for matched betting, though I recommend this only for experienced matched betters given it does require quite a large liability.
British Open: Each Way Bets Explained
With an 'each way' bet, you are backing a golfer twice, once to win and once to come in the top 5 places.
For example, if I place a £10 each way bet (£20 total stake) on Dustin Johnson to win the British Open, I am placing two bets:
£10 bet on Dustin Johnson to win (odds 11.0)
£10 bet on Dustin Johnson to come top 5 (odds 3.0)
I can then lay off Dustin Johnson on either Betfair or Smarkets for small trigger bet loss, due to the lay odds being higher than the bookmaker back odds.
British Open: Special Offers Explained
As a special British Open offer, some bookmakers will pay out if the golfer finishes in more places. Paddy Power, Coral, Betfair Sportsbook and Skybet are paying out the top 10!
This means if our chosen golfer(s) finish 6th, 7th, 8th, 9th or 10th, we win both our each way bookmaker bet (because the golfer has finished in the top 10) and each way lay bet (because the golfer has not finished in the top 5) for a very tidy profit!
This is not risk free as our golfer(s) may not finish 6th, 7th, 8th, 9th or 10th and so will end out with our small trigger bet loss.
How To Choose The Golfer(s) - SkyBet Example
OddsMonkey have made this very easy with their Extra Place Matcher!
If you are new to the Extra Place Matcher, please check out their video guide.
Here is an example screenshot of the Extra Place Matcher. Using the filter option, these results are only showing SkyBet as they payout 10 places:
In the above example, Jordan Spieth has:
- Back Odds 10.0
- Lay Odds 12.0 to win and 3.75 to place
The EW stake is set by default to £10 (for a £20 total bet).
This back stake, back odds and lay odds give us a £4.63 qualifying loss (as shown in the right column) with £23.37 profit if Jordan Speith finishes 6th to 10th.
Is this good value? This is the key question with Extra Place offers to determine if this is profitable in the long term!
I think so, because the lay odds to place are 3.75 on Betfair Exchange. This means the true odds for Jordan Speith to finish 1st to 5th are 3.75.
With the Extra Places SkyBet offer, you are losing £4.63 qualifying loss for the chance to win £23.37. This has an implied odds of 6.05 (as shown in the right column).
So you are receiving a much highers odds for Jordan Speith comes 6th to 10th than his true odds of coming 1st to 5th. If you are familiar with golf, there is a fine line in the Top 10 so I'd say this represents good value!
How To Choose The Golfer(s) - 8 Place Bookmakers Example
Other bookmakers are also paying out Extra Places, such as 8 places on Bet365 and Betfred.
Filtering on the Extra Place Matcher for these bookies will give us something similar to the below:
In the above example, Matsuyama is 42 back odds to win in the Exchange whereas the Implied Odds for Matsuyama to come 6th, 7th or 8th is 29.5.
This is great value, given your odds are only slightly worse, yet you will win in any of 3 places (6th, 7th or 8th) rather an just one place (1st).
How Many Golfers To Back & Lay?
Back and lay as many as that are profitable based on the above explanation, so long as you:
- are comfortable with the total qualifying loss (as none of your golfers may finish in the extra places)
- have sufficient funds in your exchange to cover the liability
Please note once the exchange only requires the liability on the highest liability golfer on the 'To Win' so this will help you to manage your liability requirements. For details about this, please see this Facebook Group post.
Likewise, the exchange only requires the liability on the highest 5 golfers on the 'To Place' lay market.
FAQ: How Are The EW Place Odds Calculated?
You don't have to know this in order to place your bookmaker bet and lay bet, but it's still helpful to know!
The bookmaker gives either 1/4 or 1/5 of the fractional odds for the golfer to win, as the odds for the each way place odds (Top 7 or Top 8).
Taking the example above, Dustin Johnson has 11.0 decimal odds (which is 10/1 fractional odds as you subtract 1 to get fractional odds) on SkyBet that gives 1/5 odds. Therefore:
(10 / 5) = 2.0
We then add back the 1 to return to decimal odds, so 2.0 + 1 = 3.0.
FAQ: Which Bookmakers Are Giving Extra Places?
FAQ: What Happens If There Is A Dead Heat?
Deadheats are very common in Golf. Due to the nature of the game, it's possible for more than one player to finish fifth for example. Because of this, the bookmakers all apply a dead heat rule if your player is tied. You don't have to do anything as both bookie & exchange will sort itself out, but if you wanted to know they will just share the extra place with each other.
Lets say two players tie for tenth and you are due £100 profit from one of those. You'll just get £50 profit as the bookies will pay out half of each player. If there are three players tied then, you guessed it, you get a third profit!
It's self explanatory pretty much, and you won't need to do anything, but it's still good to know!