Each way extra place offers are a great way of boosting your matched betting income and have the potential to add hundreds of pounds to you monthly profit! Extra places are usually offered on horse racing but golf is also becoming increasingly popular with some bookmakers offering up to 10 places on the big tournaments!
Extra place offers work by taking advantage of the bookie paying additional places over the standard number of places which should be paid out on an each way bet. In a typical horse race this would be:
- Less than 5 runners: win only
- 5 – 7 runners: 2 places
- 8 – 15 places: 3 places
- 16+ runners: 4 places
So, in a race with 16 horses the bookies might offer to pay 5 places however the exchanges will never run such a promotion so if we lay the place it will only be paid out for the standard number of places listed above.
Therefore to trigger this offer we would back the horse each way at the bookie and then lay both the win and the place at the exchange. If our horse finishes in the additional place offered by the bookies we will be in a situation where we win both lay bets (for the win and the place) and also win the each way bet at the bookies (since they have offered us the extra place).
Below is a more detailed walk through of how the extra place offer works, I will use horse racing here but the same principal applies to golf each way offers.
In this example we will look at the 15:50 at Salisbury, with 15 runners there would normally be 3 places paid for an each way bet but today SkyBet are paying out on the first 4! So in order to make a profit in this offer we need our horse to finish in 4th place, we will take a small qualifying loss if it finishes in any other position (unless we get best odds guaranteed).
Step 1 – Find an Extra Place race
First we should check the OddsMonkey forum for the daily post listing all of the day’s extra place races. As we can see below the 15:50 at Salisbury is a popular choice with several bookies paying a 4th place instead of the usual 3.
Step 2 – Find a Close Match
Now we have picked a race we should use the OddsMonkey Extra Place Matcher tool to find good match. In the picture below we can see “Oriental Song” looks like a good choice:
So, if “Oriental Song” finishes in 4th place we will win £15.41 or take a small qualifying loss of £2.59 for any other position.
Step 3 – Place Bets at the Bookies
Next we place our each way bet at the bookies (we are doing £10 each way):
Step 4 – Lay our Bets at the Exchange
Then we place our lay bets at the exchange, first we lay the win:
And then we lay the place at Betfair also:
NB – if we look at the Betfair slip we can see we will only loose this bet if our horse finishes in the usual 3 places!
Step 5 – Enjoy the Race
Enjoy the race, since this is an article about extra places we will assume our horse finished 4th.
Step 6 – Calculate our Profits
Now the race has finished and we have hit the extra place we can calculate our profits. Since the exchange always pays out the standard number of places we will see the following scenario happen:
- We will win our lay bet on the horse winning the race returning £8.60 (£8.17 after commission).
- We will win our lay bet for the horse finishing in a place returning £8.61 (£8.18 after commission).
- We will win the each way part of our bet at the bookies giving us a profit of £8 (after deducting our original stake of £20).
So in this scenario we win 3 times: £8.17 + £8.18 + £8 = £24.35 profit!
If our horse had finished in any other place we would have taken the qualifying loss.
Like most matched betting offers the key is to keep qualifying losses low and hit the offer as much as possible! Over the long run these should work out to be very profitable although I would advise looking at horses with odds of 10+ since the risk / reward will be much higher at this level!
Also it is important to note that if a non-runner takes the number of horses below the threshold where less places are paid by default some bookies may not pay an additional place. For example if there are 16 runners there would normally be 4 places paid but if 2 horses pull out there will only be 14 runners meaning only 3 places should be paid by default. Some bookmakers will not pay an extra place in these circumstances!