Extra Place Offers


Difficulty: Hard Read time: 8 mins

Extra place offers are a must if you’re serious about maximising your matched betting profits.

Bookmakers will often pay an extra place on select events such as big horse races or golf tournaments. This gives us an opportunity to risk a small amount for big returns.

Extra place offers are available to all customers, even those who have been gubbed, so it’s a great way of boosting your profits each day.

What is an extra place offer?

Before reading this guide, it’s important that you have an understanding of how each way bets work. If you’re unfamiliar with each way bets, please see the ‘Each way betting explained’ section at the beginning of my Each Way Arbing guide.

I’m going to focus on horse racing as that’s by far the most popular type of extra place offer. As mentioned above though, keep an eye out for extra place offers on other sporting events, particularly big golf tournaments.

Generally speaking, all bookmakers tend to pay the same amount of places, depending on the amount of runners and the type of race as follows…

Race Type/Runners Places Odds
Handicaps of more than 15 runners 4 1/4
Handicaps of 12-15 runners 3 1/4
All other races of more than 7 runners 3 1/5
All races of 5-7 runners 2 1/4
All races of less than 5 runners Win only -

The ‘Place’ market at the betting exchange usually matches the standard amount of places paid by the bookmaker, so when a bookmaker offers to pay more places than the betting exchange, it gives us an opportunity.

We can simply place our each way bet at the bookmaker and then lay the individual ‘Win’ and ‘Place’ parts at the betting exchange.

Let’s say the bookmaker is paying 4 places and the exchange market is for 3 places. If our selection finishes in exactly 4th place, we’ll win the place part of our each way bet at the bookmaker (because our selection finished in the top 4). We’ll also win our place lay bet at the betting exchange (because our horse didn’t place in the top 3).

As you can see, it’s the place part of our bets that give us an edge and the potential to make some rather tidy profits.

Don’t worry if that doesn’t quite make sense at this point, things will become clearer as we work through an example.

Picking the right horse

You’ll find an ‘Extra Place Offers’ post on my blog homepage each morning which lists the extra place races for that particular day. The bookmakers tend to go big on Saturdays and during the big festivals, but there are usually a handful of extra place races each day.

You’ll also find them advertised on the bookmaker’s homepage and through their social media channels.

Obviously, there’s no way of knowing which horse is going to finish in that exact extra place. The strategy, therefore, is to find horses that give us a small qualifying loss and big potential returns.

Allow me to introduce you to the Extra Place Matcher, a new tool recently launched by OddsMonkey…

Extra Place Matcher for Horse Racing

The Extra Place Matcher trawls the latest odds and highlights any profitable opportunities in an instant. Just select one of the extra place races from the drop-down menu at the top and away you go.

There’s absolutely nothing wrong with manually searching for selections, however, the Extra Place Matcher tool really does save you a lot of the legwork.

How to profit from an extra place offer

I’m now going to walk you through an example of a bet I placed on the 17:20 at Newmarket on Saturday 30th September 2017. Betfred were paying 5 places instead of 4, with the place part being paid at 1/5 odds.

Always be aware of the minimum amount of runners required for the bookmaker to pay the extra place(s). For this particular race, a minimum of 16 runners were required, otherwise standard each way terms would apply.

There were 18 horses running and having looked at the Extra Place Matcher search results above, I opted to place my bet on Qeyaadah…

Betfred Odds on Qeyaadah
Betfred back odds for Qeyaadah
Betfair Qeyaadah Win Odds
Betfair lay odds for Qeyaadah ‘To Win’
Betfair Qeyaadah Place Odds
Betfair lay odds for Qeyaadah ‘To Place – Top 4’

Once you’ve done a couple of extra place offers, you’ll be able to spot the profitable horses at a glance.

As explained in my Each Way Arbing guide, to work out the bookmaker place odds, we just divide the fractional win odds of 14/1 by 5, which gives us 2.8/1. Calculating the place odds from a decimal is almost the same, we just need to subtract 1.00 at the start (to account for the stake) and then add it back on at the end…

15.00 – 1.00 = 14.00…
…14.00 / 5 = 2.80…
…2.80 + 1.00 = 3.80

So, as you can see, I was getting really tight odds on both the win (15.00 & 15.00) and place (3.80 & 3.85) parts of the bet, which made for a profitable opportunity.

To work out our ‘Win’ and ‘Place’ lay stakes we just need to complete the fields on my each way calculator using the ‘Extra Place’ setting…

Extra Place Calculator - Qeyaadah Stakes

As you can see, the calculator tells us that we need to lay £10.03 on Qeyaadah ‘To Win’…

Qeyaadah Win Lay Bet

…and then lay £10.00 on Qeyaadah ‘To Place’…

Qeyaadah Place Lay Odds

You’ll find a detailed breakdown of our potential profit figures at the bottom of the each way calculator…

Extra Place Calculator - Profit Breakdown

As you can see, it shows us the profit or loss of all four parts of our matched bet. We have the win and place parts of our each way bet at the bookmaker and then the win and place lay bets at the exchange. The ‘Win’ back and lay bets will always cancel each other out but our ‘Place’ back and lay bets both win if our horse finishes in the extra place.

So, I stood to make a profit of £37.02 if Qeyaadah finished exactly 5th, otherwise I’d lose a maximum of £0.98. Risking £0.98 to make a potential profit of £37.02, gave me effective odds of 38.78, which I’m sure you’ll agree made it a profitable bet in the long run.

I would always recommend working out your effective odds. You can then use them to gauge whether or not it’s worth placing the bet.

It’s worth noting that the above example was based on an each way stake of £10.00. If we increase our stake, we stand to make an even bigger profit, but it’s important that we stake an amount we’re comfortable with.

Fond memories

Bet365 traditionally run a fantastic money back offer on the Grand National. Just place your bets on the Grand National and Bet365 will give us half of our stake back in cash, up to a maximum of £125.00. They usually offer to pay 5 places instead of the standard 4 places.

Bet365 Grand National Offer

By using the extra place strategy above, we’re usually able to make a guaranteed profit of £75.00+ regardless of the outcome, with an outside chance of making £400.00+ profit if our selected horse finishes exactly 5th.

In 2015, the starting favourite, Shutthefrontdoor finished in 5th place. This was a result that would have disappointed many a punter, but it was the perfect scenario for us matched bettors who managed to bag £419.04 risk-free profit!

Final thoughts

Hopefully, you’ll now feel confident enough to give extra place offers a go. You won’t be able to find suitable odds every time, but it’s always well worth having a look.

More often than not, you’ll incur a small loss, but every time you hit a winner, it’ll be a huge boost to your matched betting profits!

Next strategy guide

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Comments


  1. Lou

    Call me dumb but I don’t understand why when calculating the back part of the bet and the potential profit from it you only have £10 showing instead of £20. Surely you need to allow for £20 going out (win + each way) at the bookies?

    1. Matt

      Are you referring to the table of potential outcomes Lou? The bottom line shows 2 x £10.00 going out.

  2. johno

    SO if you do the same with a 5 place offer you could potentially win if the horse comes 4th or 5th and make a loss on any other result right?

    1. Matt

      Only if you are laying the ‘To Place (Top 3)’ market. When the bookies are paying 5 places, we are usually laying the ‘To Place (Top 4)’ market, which means we make a profit if our selection finishes exactly 5th.

  3. Jo

    Hello, think I’m going to try one of these today. Just wondering on your calculator for the each way stake to the bookies, do you put in £10 (total bet) on the calculator i.e £5 each way, or do you put in £5 on the calculator to work it out? Thank you for all your great advice :0) Jo

    1. Matt

      You would enter £5.00 in that instance Jo. There’s a little question mark icon above the field that explains this. You’re welcome, glad you’re finding it useful!

  4. Jo

    Brill, thank you :0)

  5. Chris

    I presume you have to wait until not too long before the race starts to take advantage of these offers,as the difference between the exchange and bookmakers prices are so huge before then.

    1. Matt

      That can be the case with some of the smaller midweek races, but there are usually a few opportunities available. There tends to be plenty of early opportunities for the weekend racing and big meetings.

  6. mark

    what do i do when bookmaker and exchange are offering different each way terms, is this factored in the calculator?

    for example skybet offering 1/5 on extra 4th place. betfair 1/4 3 places

    1. Matt

      You need to lay your bet on the Exchange rather than the Sportsbook Mark. The Exchange doesn’t have each way terms, it’s just a case of selecting the place market and taking the odds available.

  7. shukarim786

    Hi, I am still getting to grips with MB but I’m trying to get my head around extra places, Is there any chance you can do an example with the golf as it starts Thursday and there are a lot of offers out and would be appreciated how we can do one for the newbies step-by-step…still learning but enjoying at the same time!

    1. Matt

      Golf extra place offers work the same as the horses. Let’s say you place an each way bet on Dustin Johnson at Coral (paying 8 places) and lay your bet at Smarkets (5 places). If Dustin Johnson finishes 6th, 7th or 8th, you’ll make a nice profit as the ‘Place’ parts of both your back and lay bets will have won.

  8. Jon

    what happens if horses drop out so that it’s lower than the number of horses required for the extra place but you have already placed your bets?

    1. Matt

      In that instance, you wouldn’t be paid the extra place at the bookmaker, meaning the places paid at the bookmaker would be the same as at the exchange. In the event of non-runners, your back and lay bets may also be affected by a Rule 4 Deduction, but it shouldn’t affect things too much.

  9. Steves

    Thanks for the article, it is very well explained. Looking at Betfair Exchange, there is an Each Way market on horses. Can I simply lay the bet once on this market or is this something else?

    1. Matt

      You should lay the individual Win and Place markets as the odds are usually much better.

  10. Richard

    Thanks for this been doing it a month now and whats to earn more money and been look at this extra places, I’ll give it ok today. In the week like today is it hard to get tight odds had a quick look and there’s nothing standing out??

    1. Matt

      There are still opportunities during the week Richard, however, it can be a bit trickier finding good matches compared to the big weekend races.

  11. Ian

    Hi, Sorry I’m just not getting this (I’m thick). None of the figures in the exchange extra place worked example appear earlier in the script . i.e +£9.80 +£9.57 doesn’t appear anywhere in earlier workings. Where do these numbers come from?
    Thanks.

    1. Matt

      Hi Ian. The £9.80 and £9.57 figures are what we receive at Smarkets if our lay bets win, once the 2% commission has been deducted…

      ‘To Win’ lay stake of £10.01 * 0.98 (to account for 2% commission) = £9.80
      ‘To Place’ lay stake of £9.77 * 0.98 (to account for 2% commission) = £9.57

  12. Ryan

    Hi Matt. I’m never sure if such and such bet holds any value.

    How do we gauge if its worth placing?

    Selection over 95% 98%
    Effective odds double than the win odds?

    I’m always second guessing 🙁

    1. Matt

      It’s a matter of opinion really Ryan. I like to work out the effective odds and if I think they’re a fair bit higher than the horse’s chances of finishing in the extra place(s), it’s worth doing.

      1. westwood88

        How would you calculate the horse’s chances of finishing in the extra place? and i know there a people that will cover the entire field, do you think this is worthwhile doing?

        1. Matt

          It’s just a case of finding horses with tight back and lay odds. Once you’ve done a few extra place races, you’ll soon get a feel for working out your effective odds and then using them to decide whether or not it’s worth going for.

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