Horse Racing Extra Places
Extra places is an advanced Matched Betting offer that some bookmakers run on the horses from time to time. It's not an offer that's available on every single race, however the selected races that it is available on can be very profitable indeed!
Disclaimer: This is a very advanced offer, and is not guaranteed profit whatsoever. If you've seen Extra Places mentioned in the Facebook group and want to give it a go - please just be aware that it's very common to go through periods of losing money. Similar to 2ups, you can go plenty of races without making a single profit whilst taking loss after loss. It is most certainly NOT the golden egg of Matched Betting offers like you may have heard! (At least, if you're a beginner it isn't!).
Some bookmakers run this offer daily, and they'll run it on a handful of races (anywhere from 1 race to 10 races!). Other bookmakers will run it only on major racing events, such as Cheltenham of Royal Ascot.
So what is the offer exactly? Well, it's actually very simple.
The idea of the offer is to back a horse, and hope that the horse finishes in the "extra place". If the bookmaker is paying out 4 places instead of 3 for example, then you're just hoping the horse finishes 4th! That's it. That's what an extra place offer is.
With other horse racing offers you might hope a particular horse wins, your horse wins, or your horse comes second to receive a free bet. With extra places it's exactly the same principal, however you're hoping that your horse comes in the extra place (4th, 5th, whatever it may be) for you to trigger the offer instead.
The best part about this offer is that your profit will all be paid out in CASH. No free bets to mess about with!
Now there is a little more to it, but that's the basic concept. The main thing that you need to know is that to qualify for this offer your back bet must be an each way bet, as opposed to a regular back bet on the "to win" market. So, firstly you need to know what an "Each way" bet is.
Extra Place offers are on pretty much every day with a few select bookies however the odds aren't always great. This promotion is best done at weekends and big festivals when everybody joins the party!
What is an Each Way bet
Each way bets are favoured by alot of gamblers because even if your horse doesn't win, you might still win some money.
Why? Because when you're placing an each way bet, you're actually betting on two different things. You're betting on 1) the horse to win, and 2) the horse to finish in the top few places. The top few places varies from race to race but it's usually something like 1st 2nd or 3rd, to something like 1st, 2nd, 3rd, 4th, 5th.
One thing to note when you're placing an each way bet is that your stake will be doubled. This is because you are essentially placing two separate bets, despite it being placed as one bet.
Lets say you bet £5 each way on a horse. Your total stake here would actually be £10. This would be split as follows
£5 on the horse to win the race
£5 on the horse to finish 1st, 2nd, or 3rd
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 £5 on the win market to cover the win half of the bet, then you would lay £5 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.
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 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 (each way 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.
If you're new to extra places then this beginner method is definitely for you. As explained at the very top of this page - it is not guaranteed profit and you'll likely take some losses. So, the idea with the beginner method is to take a very small, if not zero qualifying loss and then hope that the offer lands (i.e. your horse finishes in the extra place).
How To Pick Which Horses To Back?
For this method, you MUST use the Oddsmonkey Extra Places Matcher. This 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. The Extra Place Matcher is updated every day with each race that is offering an extra place. Oddsmonkey has produced a video on using the Extra Place Matcher, which can be found here.
All you do is open the matcher and try to bet on any horse that has a rating in the RATE % column of 95% or above. There is some maths/theory behind this, but for a beginner you don't need to go into the details. If you just bet on any horse at 95%+ then you will be profitable in the long run.
Placing Your Bets On Chosen Horse
To place your back bet on the horse, simply add it to your betslip. Then tick the each way box, and put in your stake (remember, this is going to be doubled!). Now place your back bet on the chosen horse.
To place your lay bet on the horse, head over to the exchange and visit the place market. Make sure the place market on the exchange is paying less places than the bookmaker. For example, if your bookmaker bet says they'll pay 1st 2nd 3rd 4th, then the exchange market must be paying no more than 3!
Why? Because you want to make profit don't you?! If it was paying the same then it would be completely pointless you placing this bet. The reason you make money is when the horse comes in the extra place. So in the above example, if it came 4th then you'd win the bookie bet (4th), and would also win your lay bet on the exchange (layed up to 3rd)!
The beginner method was pretty much a "get on a horse with a low qualifying loss and hope" kind of approach. This advanced method is very similar in the sense that you want to keep losses down, and hope that the horse wins. However with this method you can actually guarantee a profit!
Now, I want to make one thing clear. This is an ADVANCED method. You need to know EXACTLY what you are doing, and you'll also need a sizeable bank roll.
The idea of this method is to cover every horse in the race. Yes, that's right. EVERY horse. This is the only way that you can guarantee a profit. If you do not cover EVERY horse then you're leaving yourself exposed to some hefty losses.
This method can be highly profitable, but because it requires you to bet on every horse, it relies on there being a number of bookies offering the extra place/s, and the odds at these bookies being reasonably good compared to the exchange. It is therefore likely to only be suitable for high profile events, like Cheltenham Festival, and perhaps some ITV TV races. This method can require a significant bankroll to place bets on every horse within a field, it is significantly more complicated than the Beginner Method, and more time consuming. Not recommended for a beginner to extra place betting! We recommend getting a good understanding of the standard method first, before attempting this method.
You should try to cover the whole field using multiple bookmaker accounts. You can use a combination of the Oddsmonkey Extra Place Matcher, and Oddschecker, found here, to find which bookies are paying the best odds on each horse, and what extra place terms they are offering. Oddschecker is a free service showing current odds on every horse with each of the main bookmakers, and looks like this:
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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