Extra place offers are something you will see listed on the majority of matched betting sites. Many users don’t pay much attention to them but they can be profitable and so should be part of every matched bettors offer portfolio.
By using a simple strategy and an Each Way Calculator, it’s possible to extract value from these offers and give yourself the edge over the bookmaker. There are a couple of different strategies you can use to profit from extra place offers which we will cover in the guide.
What are Extra Place Offers?
Bookmakers often run extra place offers for popular horse races. They apply to each way bets and offer additional places on the standard each way terms.
Each way bets are essentially two bets bundled into one. One for the horse to win and one for the horse to finish in one of the nominated places. So, a £5 each way bet will cost you £10 with £5 bet on the win and £5 on the place.
Let’s take a look at an example of an each way bet.
We place a £5 each way bet on a horse at odds of 20/1 and the bookmaker terms state that each way bets are paid on six places at 1/5 of the odds.
Our total stake is £10 as £5 goes on our horse to win the race and £5 on our horse to place.
Our £5 win bet returns: £5 @ 20/1 = £105
Out £5 place bet returns: £5 @ (A fifth of 20/1 = 4/1) = £25
Therefore, if our horse wins, we win both our win bet and our place bet. If our horse finishes 2nd – 6th, we win only our place bet and if our horse finishes outside of the top 6, we lose our bet.
Each Way Terms
In the example above, the bookmaker offers 1/5 odds on six places. It’s important to check the each way terms for each race as they do vary depending on how many runners there are in the race.
The more horses that are in the race, the more places that are generally offered. The standard each way terms are displayed below.
|Number of Runners (at the off)||Race Type||Place Terms|
|2-4||All Races||1st Only|
|5-7||All Races||1st, 2nd|
|8-11||All Races||1st, 2nd, 3rd|
|12-15||Handicap||1st, 2nd, 3rd|
|12+||Non Handicap||1st, 2nd, 3rd|
|16+||Handicap||1st, 2nd, 3rd, 4th|
So, now that we’ve explained each way bets, let’s go back to extra place offers.
The image above shows an extra place offer from Coral. If they weren’t running this offer, the place part of an each way bet would win if the horse finished either 1st, 2nd or 3rd. However, Coral are also paying out the place part of each way bets if your horse finishes 4th in this race.
This image shows an extra place offer from Skybet who are offering two extra places on a selected race. Instead of paying out the place part of each-way bets on the first 3 horses to cross the finishing line, they are paying out on the first 5.
How to profit from Extra Place Offers
Extra place offers give you an increased chance of winning as you’ll receive a return on more places. So what is the best extra place strategy to ensure we extract maximum value from these offers?
Extra Place offer strategy is simple and involves backing and laying your bet. However, as each way bets consist of two separate bets, you need to lay both the win part and the place part of your bet to cover all outcomes.
To calculate the ideal lay stakes for both the win and the place part of your each way bet, you can use the each way calculator on ProfitSquad.
The Each Way Calculator makes taking advantage of extra place offers a breeze and takes away the headache of calculating your lay stakes.
Let’s take a look at an example and how it’s possible to make large profits from extra place offers.
Offer: Paying out on 6 places instead of 5 at 1/5 odds
Win back odds: 16.0
Win lay odds: 16.0
Place lay odds: 4.0
Stake: £25 E/W
If you’re wondering how to lay only the place part of your bet, you can do so on Betfair Exchange by selecting the ‘place’ tab on any horse race. This is not to be confused with the ‘each way’ tab which displays odds for the place & the win combined.
The Each Way Calculator will automatically calculate the place back odds for you and so the information above is all you need to successfully determine your ideal lay stakes using the calculator.
By inputting our bet details into the each way calculator, we can see that we should place a £25.08 lay bet on our horse to win and a £25.32 lay bet on our horse to place.
The profit based on every outcome is displayed at the bottom of the calculator. Let’s take a look at our possible returns.
If our horse wins we make a £2.16 loss
If our horse finishes in one of the standard places (first five), we make a loss of £2.13
If our horse finishes outside of the top six, we make a loss of £2.12
If our horse finishes sixth (in the extra place), we make a profit of £97.88
As you can see, it’s more likely that you will make a loss on each race than a profit as the majority of the time, you will only make a profit when your horse finishes in the extra places. However, when this happens, the returns can be very high and can outweigh the losses you’ll make on the races that you don’t hit the extra place.
The reason that you make a large profit only when your horse finishes in the extra place is that you win your back place bet and your lay place bet as you only layed the standard number of places and not the extra places.
Using the example above, if you placed this bet with the extra place offer a number of times, so long as your horse finished in 6th place once every 45 races, you’d be in profit!
Multiple Extra Places
Some bookmakers offer multiple extra places on some races. An example would be if they paid out on places 5 & 6 when they usually only pay out on 4. If this is the case, you don’t need to change anything in your calculations and you simply have an additional place where you can make a profit.
Remember that it is when your horse finishes in one of the extra places that you will make a profit. Therefore, the more extra places available the better!
Extra places on other sports
The most common sport for extra place offers is horse racing and you’ll find horse racing extra place offers daily across a number of bookmakers. However, extra places are also offered on other sports which allow each way bets. One example of these is Golf.
Golf tournaments take place all year round and provide great opportunity to generate a profit from extra place offers. There’s generally a lot of golfers who participate in each tournament and so each way bets are available for any given golfer to finish in the top X-number of places. You’ll find bookmakers regularly offer extra places on major golf tournaments and the strategy is the same as for horse racing.
You can use the each way calculator for golf extra places in the same way you would if it were a horse race and lay the win and the place part of your bet on Betfair Exchange. If your golfer finishes in one of the extra places then you should return a nice profit and make a minimal loss if they don’t.
Finding Extra Place Offers
Multiple bookies offer extra place offers on both horse racing and golf. Thankfully, if you’re a member of a matched betting site such as ProfitSquad, extra place offers will be displayed on the offer calendar when they become available, saving you a lot of time finding them manually. Once you know which bookies are offering extra places for the day, you can use the Odds Matcher or Horse Racing Matcher tool to find close matches.
Horse racing extra place offers are generally available on a daily basis but you’ll find the best offers, which offer multiple extra places available on big events and tournaments such as the Grand National, Ascot, the U.S Masters and the U.S Open etc. The more extra places that are available, the more chances you have of your bet finishing in an extra place.
One thing to take into consideration is the size of the field. For example, a major Golf tournament may have over 100 players involved. The more players there are, the more competition there is and the less chance your bet has of finishing in a place. However, this is generally reflected in the odds and the potential profit.
Dutching Extra Place Offers
Dutching is a method where you back all outcomes in an event and doesn’t require you to place any lay bets.
By dutching extra place offers, you are able to receive winnings from more horses which finish in the place positions. As you are covering the entire field, you’re guaranteed to hit every place available. The more places which are available, the more winnings you will receive.
By using a dutching spreadsheet or the Each Way Dutching tool on ProfitSquad, you’re able to return the same profit on selected races no matter which horse wins or which ones finish in place positions.
Dutching is an advanced strategy that should only be practised by those who are comfortable with extra places and each way betting. You can read more about each way dutching and get access to a unique dutching strategy by joining ProfitSquad. Membership costs just £1 for 14 days and you can sign up by clicking here.
The advantage of dutching extra places is that you know how much profit you will make before the event has started and know that it doesn’t matter which horse wins the race or places.
Extra Place Offers Conclusion
Extra place offers can be a great source of income for any matched bettor and the standard back and lay method is relatively simple, especially when using an each way calculator to help determine the ideal lay stakes.
If using the back & lay strategy, it is important that you find close matches on the horses you choose. By doing so, you will reduce your losses should your horse not finish in the extra place position and increase your profit should they do so. This is essential to return the highest profit over time as it’s possible you could go many races without hitting the extra place which could prove costly if your qualifying losses are not kept to a minimum.
If you haven’t tried profiting from extra place offers yet, I advise that you give them a go. Start with small stakes until you have some experience in laying the win and place parts of your each way bets and increase your stakes when you feel comfortable to do so.