We understand why you’re here.
You’ve heard about Extra Place Offers, or a fool-proof system to profit from Each Way Bets.
You’re just in time, because this post is going to explain all about Extra Place Offers. I’ve got quite a lot of experience with Extra places, and hold them pretty close to my heart! (They’re mega profitable).
I’m quite confident that if you combine this guide, with some Extra Place Promotions, you’ll certainly be able to increase your monthly profit level from Matched betting.
I will admit, these type of offers probably aren’t focused towards beginners, so if you are a beginner, I’d definitely focus on the sign up offers first.
Don’t worry, the profits from Extra places aren’t going anywhere. They’re waiting for you, infact.
We can’t get enough of Each Way betting, specifically extra place offers.
Why do we love them? They aren’t reliant on any Free Bets. This means that there’s no physical limit to the profit that we can earn, giving us that option to earn thousands of pounds from a single race.
If you are rolling your eyes now because you’re gubbed from the bookmakers, don’t worry, as we are too.
Extra Places aren’t classed as an offer by bookmakers, so all users can take advantage of this.
They aren’t the easiest thing to understand, which is why I recommend that you have sufficient matched betting experience before starting.
I plan to make this article the number one each way betting system, or extra place guide available.
The Basics of Each Way Betting is simple.
HorseRacing247 (a made up bookmaker), are running a promotion where they offer an ‘extra place’ paid out.
So what does this mean?
Instead of paying out 4 places, they will instead pay out the first 5 places of a race.
It might not sound great, but it opens up a fantastic opportunity for matched bettors.
It’s not only something to use on Horse Racing, it’s also been used very successfully with Golf Tournaments.
The most common events are the largest ones, such as the Grand National, The Masters or during Cheltenham.
You’ve probably heard it on the Television, “come and bet with us, most bookies are paying 4 places, but we are paying 5”.
It’s called Extra Place, because we are aiming to pick a horse which finishes in the extra place, which the bookmaker has generously paid out on.
We use our matched betting experience to back and lay as many horses as possible, so we have an increased chance of finishing 5th.
If you do manage to get the extra place finish, both your back and lay bets will win, bringing a huge return of profits.
I tend to stake £50 Each Way, so If I backed a Horse at 20/1, I’d have made near £300.
That’s absolutely ridiculous, from a single race.
It’s quite simple to work it out, but I use a calculator.
Take your place part of the bet, in my example it’s £50.
Next, take your bet odds, which are in my case 20/1 or 21.0 decimal.
Next, I divide this by 4, because the bookmaker paid out at 1/4 of the odds.
50 x 5.25 = £262.50
Remember, that if the Horse didn’t finish in the extra place, you will have made a small qualifying loss.
You can’t guarantee it, unless you manage to back the whole field. In that instance, you’re in for a good afternoon!
Golf works in the exact same way, except for that your money is tied up for a little bit longer. Odds in golf tend to be much higher too, so you might be in with a chance of a massive win.
We understand that Extra place offers can certainly seem confusing. Lets take a step backwards, and discuss it again.
Afterall, Extra Places are probably the most complex type of offer you can complete.
My first bit of assistance here would be to ensure that you’ve completed all of the sign up offers, before jumping in with Extra Places.
The natural progression of Matched Betting is to complete the sign ups, then some reloads, then do accumulator refunds & Horses next.
You might be confused at how we can lay different places to the bookmaker, to ensure a profit.
It can’t be done on every race, which is why they’re called Extra Place Offers.
When you back a bet each way with a bookmaker, you’re backing him to finish in the top 5 places.
However, when you go to lay the bet, the lay bet only covers the top 4 places.
The potential goldmine of the 5th place finish has been activated, giving you the chance to profit.
If your horse ends up winning the race, you’ll be close to breakeven. Your Bookmaker bet will win, and the exchange bet will lose.
If the Horse finishes 2nd, 3rd, or 4th, we will also be at a small loss. The Win Part of the bet loses, but the place part of the each way bet wins.
However, if your horse Finishes 5th, you have struck gold.
The Bookmakers Place part wins, however, your lay bet at the betting exchange also wins.
There’s also extra little additions such as the Best Odds Guaranteed rule, which would boost your profits even further.
This should be starting to make sense now, we’ve got a real example to show you next, to help you understand things a little better.
Now it’s example time. Hopefully, this process is starting to make a little bit of sense, or you see why we are doing these offers.
There’s nothing like a real example, to make it make more sense.
We are going to go back to the past, placing a £20 each way bet on Red Rum, who’s priced at 33/1.
The Bookmaker is now offering an extra place, meaning that they are going to pay out for the Top 5 places.
The exchange, only lay 4 places.
We have 1 extra place, which we are going to target.
I say target quite lightly, it’s impossible to target, but that’s what we are aiming for!
We will be sitting on piles of cash, providing Red Rum can finish in the extra place, which is 5th position.
Now we’ve backed Red Rum £20 EW @ 33/1, we need to lay the win part of the bet.
That’s simple, £20 stake, 34 back odds, 36 lay odds.
0% Commission. Pop this into the Matched Betting calculator.
Current Position £1.15 loss.
As you can see above, we are currently £1.15 in the red. The Extra Place offers are very lucrative, but they aren’t risk free.
It’s also going to be worthwhile to look at that liability I need to lay a £20 bet.
You would need £661 to lay this bet. It’s a bet which isn’t for beginners, you need to have built a nice bankroll to be trying these offers. I would also advise starting with smaller stakes, before building up to bets like £150 Each Way.
The benefits of high stakes, is that the liability is combined. So you could now back a horse at lower odds, but it wouldn’t cost you anymore liability.
If you do manage to pick a bet that wins, you should also look out for Best Odds Guaranteed. This would be a nice boost of profit.
Next, we have to calculate Red Rum’s Each Way Odds.
Take Red Rums Back odds of 34. Minus one, (so we are at 33), divide by the odds which the bookmaker is paying out, which in our example is 1/4).
33/4 = 8.25. We must then add the 1 back onto this.
Our Final verdict is 9.25. These are our place odds.
The place odds at the exchange will be very similar, it’s actually quite often you’ll find that there’s an arb here.
We have already got the back odds as we worked them out to be 9.25.
Navigate to the exchange and check the lay odds. Input into the calculator.
When you place each way bets, you’ll often find that there’s an arb on the place section.
It’s nothing we can avoid, in fact, in this example, it’s nullified our qualifying losses.
This example is a perfect bet, with basically zero risk.
You’ve paid £0.13 to be in with the chance of making an insane profit.
Potential Outcomes – Extra Place Offer
It’s time to celebrate, because you’ve made a whopping profit. This is the scenario that we all hope for!
That’s the complete run down per finishing position. As you’ll see, you can either lose £0.13 or win £185. Those odds are insane, although it would be hard to predict a finishing position!
Are you still confused? We are aware that we are understanding a completely new concept of a matched betting offer.
There’s some great tools which can help you succeed at Matched Betting, specifically Extra Place offers.
If you don’t know how to find bookmaker offers, search for Horses etc, then your best friend is going to be the Extra Place Matcher.
This tool is fantastic, automatically finding every horse which you can bet on. It will even tell you how much you stand to profit, which is a figure we love looking at.
You can grab a free trial of Oddsmonkey, but the tool won’t be available on the trial. You’ll get access to the Matched Betting Oddsmatcher though, in addition to many calculators.
This isn’t really a tip as such, but it’s very useful.
To maximise your chances of winning in the extra places, back more horses in the same race.
If you can cheer on 4-5 horses, you have much better chance of landing the specific place.
Hitting the place is a longshot when you back a single horse, but the odds increase drastically when you back more horses.
There are users which back every single horse in the race, albeit locking in a smaller profit.
That gives a guaranteed profit, but the payout is smaller.
That’s not to say you can back 5 horses and guarantee profit, I’ve had 7-8 horses before and still not placed.
That does tend to hurt a little bit, as you will have spent considerable time finding matches etc.
If you want to start Extra Place offers, I highly advise that you start with micro stakes, covering only a single horse.
This is so that you can perform a ‘test’ run, knowing that you’ve backed and laid the correct thing.
If you do a £1 bet on a single horse, it doesn’t matter if you get it wrong.
If that’s a £50 stake and you’ve backed 5 horses, that’s going to give more of an issue.
I would also avoid any golf tournaments, until you have the bankroll where you can tie up hundreds, if not thousands of pounds over the period of 3-4 days.
When beginning with a smaller bankroll, it’s all about getting in & getting onto the next offer… fast.
To ensure profit from these long term, I really would consider using Oddsmonkey.
Their tools will save you time and money, but their guides will also be incredibly helpful.
In addition to this, if you still can’t understand Extra Places, use their 1 hour of free mentoring, having a chat about them.