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.
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