Horse Racing Extra Places
Extra places is a Horse Racing promotion offered by many bookmakers at the weekends and on big Horse Racing festivals such as Cheltenham or Royal Ascot. Typically there is one feature race on these days, where all of the bookmakers will be paying out an extra place. This means that instead of paying out say 1st to 4th place, they will pay out 1st to 5th place. You can profit from this offer simply by the difference in rules between the bookmaker and the exchange as both will be paying out different places. To understand how, you firstly need to know what an "Each way" bet is.
Extra Places offers are sometimes on throughout the week, however the odds aren't great. This promotion is best done at weekends and big festivals.
What is an Each Way bet
An each-way bet is where your bet splits into two different bets; one bet on the horse to win, and one bet on it to place. To place simply means to finish 1st, 2nd, 3rd, 4th, or 5th etc (the amount of positions the place market pays purely depends on the race).
For example if you bet £10 each-way on Ladbrokes on a horse, you would be actually be betting a total of £20. £10 will be on the horse to win the race, and the other £10 will be on the horse to finish 1st, 2nd, 3rd etc (the amount of places depends on the race).
When you place an each-way bet on a horse using Matched Betting, you will have to lay both of the bets separately. Firstly you will lay £10 on the win market to cover the win half of the bet, then you would lay £10 on the place market to cover the place part of the bet.
There's just one rule you need to remember; You will always need to make sure that exchange places paid are the same, or less than what the bookmaker is paying. The exchange places can never be more than the bookmaker or your funds will be at risk.
- 5 places paid by bookie & 5 by exchange = Fine because if the horse is 1-5th you will win one bet and lose the other.
- 5 Places paid by bookie & 4 by exchange = Fine because if horse is 5th you will win both bets, and if 1-4 you will win one and lose the other.
- 4 places paid by bookie & 5 by exchange = NOT fine, your funds are at risk if the horse is 5th as you will lose both the back and lay bets.
Remember whatever you type in the "stake" box when placing an each-way bet is doubled, as you're betting on both the win and place markets
How Do You Make Money From Them?
You can make money from Each-Way bets when the bookmaker is paying more places than the exchange market. For example, Skybet may be paying out 5 places and the place market on betfair may be "4 to place". These different rules mean that you can make a profit if your horse finishes 5th, as Skybet will pay you out because they are paying 5 places, and your betfair laybet on 4 places will also win.
Sometimes the bookies will pay out 2 extra places, or even 3. This can be extremely lucrative as you can hit multiple extra places in one race! Just remember that whatever the place says on the exchange, the bookmaker places have to be the same or higher. The bookmaker can not be paying less places or your money will be at risk!
For example, Ladbrokes are paying 3 places, and on Betfair you lay 4 places. Your money is at risk here when the horse finishes 4th! Your back bet on 3 places at ladbrokes will lose, as the horse is 4th. You will also lose your Betfair lay bet at 4 places as the horse did indeed finish 4th. So always make sure the bookies are paying the same place, or more!
How to lay an each way bet
An each way bet is different to a normal bet as explained above because you are splitting your bet into 2. One of your bets will be on the horse to win, and the other will be on the horse to place (1st 2nd 3rd 4th etc...). All you need to do here is place 2 lay bets, one on the win market, and one on the place market - it's that simple!
The win market bet is the same as you will have done before on horses; Just put the back and lay odds into the calculator and lay the amount that comes up. The place part of the bet is slightly different as you will need to work out the odds. To do this you need to check the e/w terms for the bookmaker in question. They will look something like this.
From the above photos, you can see that all 3 of the bookmakers have the exact same each-way terms. They are paying places 1,2,3, and they are paying at odds of 1/5 (one fifth). Do not confuse the 1/5 as places 1 to 5, as it is not - it is the fraction of odds they are paying. What this means is that if the horse is odds of 10.0 to win, they will pay 1/5 of that for the horse to place.
To work out exactly what the place odds will be, you take the original win odds, minus 1, divide by 5, and add 1. So in this example, the back odds would be 10.0, and the place odds would be 2.8. ( 10 - 1 /5 +1). If the e/w terms were 1/4 odds, then you'd divide by 4 instead of 5.
In this race all of the bookies are paying 3 places, so in order to make profit you'll need to lay 2 places - that way if your horse comes 3rd you will win both the back and lay bets on the place market. Below is an example of what market to select. Remember, the lay places need to be equal to or less than what the bookie is paying, or your money will be at risk.
How to find a close match
The best way to find matches when doing the Extra Places offers is to use a combination of Oddsmonkey's Extra Places Matcher and Oddschecker's odds list.
Oddsmonkey's Extra Places Matcher
It is extremely important to use the Extra Places Matcher as it will do most of the work for you and find you the best odds constantly. You can set it to refresh every 30 seconds meaning you will never miss a match. Below is a guide on how to set up and use it, and they update it every day with each race that is offering an extra place.
Oddschecker's odds list
It's also a great idea to have the Oddschecker open. You can find it here and it looks like this.
This is helpful as it shows you the best price at the moment across all bookmakers for each horse. You can then work out where to place your bets as you know who is offering the highest price and therefore least loss. One thing to note is that some bookmakers will pay out 1/5 odds and others 1/4. You can see this underneath the bookmaker name in the "Each way terms" row.
How to approach each race
The easiest way to approach each race is to write down every horse and try to cover the whole field using multiple bookmaker accounts. You should then record how much you bet, what the odds were, what your losses were, and how much profit you'll make if each horse comes in the selected place. Below is an example.
As you can see from this example, every horse has been covered for a slight profit of £5.02, with a guaranteed minimum profit of £67.50 for the place result and up to £185 if certain horses finish in the desired place.
When you are attempting extra places you will inevitably find some horses that are impossible to get on for a low QL. The best way round is is to start from the bottom of the list, so in this example, the horse Deor, and then simply look at Oddschecker and see who's offering the highest odds. Work out if it's worth it, place the bets, then move on to the next horse and repeat. When you get to the top of the list, start from the bottom again and do it over and over until you've covered most of the field. When you've covered most of the field you can then decide whether or not to take a higher QL on the remaining horses just to cover your back, or you can just leave it with what you have.
The money is made when the horse you bet on finishes in the extra place. So if the bookie was paying 5 places and you layed 4 places, you will make money when your horse finishes 5th, as both your back and lay bet will both win.
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