Are you looking to profit from each way bets and extra place offers?
It’s extra places that allow me to pull in my biggest and most consistent profits each month.
The reason these types of bets are so great is simple:
You’re not limited by the size of potential free bets — meaning you can win hundreds or thousands in profit from a single race — and you can use gubbed accounts too.
Whilst things may seem confusing to pick up at first, everything becomes clear once you have placed a few bets for yourself.
Fortunately for you, I’ve made the process even easier for you.
Let’s take a look:
In the video above, I talk through how extra places work and how you can make consistent profits and potentially huge results.
It’s not just horse racing, though — this can be done on golf, too.
The basics are simple:
If your horse, or golfer, finishes in the ‘extra’ place being offered by a bookmaker, you win both your back bet and your lay bet for a huge payout.
If you had £10 each way on a horse at 20/1 (or 21.0) and 1/4 odds, your profit would be £60, minus any qualifying losses.
The way this is worked out is really easy:
You take the each way part of your stake (£10 in the example above) and then you take your odds and divide them by 4 — because in this example the bookmaker is paying 1/4 odds.
It’s much easier to divide the odds in their fractional format — 20/1 is 5/1, which becomes 6.0.
6.0 x £10 = £60.
Your profit would usually be £50 in this instance, but you will also win your lay stake on top, which will always be close to the figure from your back stake.
If this seems complicated…
That’s more than understandable.
I’ve got some useful resources to make this so much easier…
Firstly, there is the Guide to Matched Betting Each Way Odds Converter. This will help you to easily calculate your each way odds all the way up to 100/1.
The converter is well worth bookmarking for future reference as it has already saved us days of time since publishing.
Secondly, there is the Extra Place Matcher on Oddsmonkey.
The matcher will automatically find all of the horses or golfers for you to bet on, and it will display your qualifying loss or profit too — all you have to do is place the bets!
The tool is included in Oddsmonkey’s incredibly cheap membership (free trial here) and is my favourite matched betting tool without a doubt.
I use it to generate four-figures worth of profits each month even before touching any other offers.
Covering Every Horse in a Race
Hitting the ‘Extra Place’ can be a long shot — though they’re still well worth doing even if you can only cover one horse, especially if it’s for zero qualifying loss!
If you have the favourite in a 20-horse race, you probably have around a 5-10% chance of hitting the extra place, but your payout won’t be huge in relation to your stake.
If you have the rank outsider at 150/1, you probably have a 1% chance of hitting the place or less. However, your payout in relation to your stake will be much greater.
What I like to do is to cover every single horse, and a large number of golfers in the fields (although covering all would be impossible with golf as there are so many players in each tournament!).
This means that, in horse racing, I have a 100% chance of hitting the extra place. The only thing that varies is the level of profit I make.
Sometimes my qualifying losses will be quite large but I will know that this is irrelevant as I am guaranteed profit when the race finishes.
It always hurts when you’ve spent a couple of hours covering the field and the worst possible horse finishes there for only a small amount of profit, but I’ve had it several times when you decide not to cover one horse and it of course places there. It is sickening when that happens!
Getting Started with Extra Place Offers
If you’re looking to get into extra places, my advice would be to start small and cover one or two horses in a race.
Avoid the golf, because the tournaments take four days and you’re not always guaranteed an extra place finisher if a load of players tie for second, third or fourth. You should avoid tying your money up for so long when you’re a beginner or if you have a small bankroll.
On big racing events, almost every single bookmaker around will be offering an extra place.
This means you can make use of all of your accounts — including your gubbed ones — and cover every single odds match that shows up on the Extra Place Matcher (check it out here).
For long-term profit, it is better to go with bigger stakes and better odds matches.
For reducing variance and building slow and steady profits, it’s better to cover more horses for slightly larger qualifying losses.
Remember, you will benefit from ‘shared liability’ on the exchange — only one horse can win, so you won’t need additional liability for each horse you lay to win. Only the largest liability figure will count and your other lay bets will actually increase your account balance as it reduces your total exposure.