Extra Place offers & each way bet tips

Each Way Betting System & Profiting from Extra Place Offers

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.

However:

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.

7 thoughts on “Each Way Betting System & Profiting from Extra Place Offers

  1. I’ve done a bit of this in the past but without any help from somebody like Oddsmonkey. One thing I found difficult is having money tied up with bookies – especially if it took 3 days or so to put my winnings back in my bank. Do you recommend using Paypal or any other 3rd parties for transferring the money about?

    1. Paypal and Skrill are great yeah, just always be wary if using to deposit with them that they don’t prevent you receiving additional promotions.

  2. Hi as a newbie can you tell me:

    a/ What time of day you place all of your bets ?
    b/ What QL would be an average (£)amount to aim for ? and if these are not possible would you leave these bets alone ? or reduce your stake to bring down the QL ?
    c/

    1. a) There is no set time. This will be different for everyone, but mainly early evenings on a weekday.

      b) Instead of £ QL you should aim for percentages of maximum win with these. Again, there is no set limit but obviously the lower the better.

      c) It seems you didn’t ask anything for C :D

  3. Very helpful video.

    I just have a question about backing the entire field.

    If it’s only 1 bookie paying the extra place, you would have to place ALL your back bets with that one bookie. If you want to protect your account, that’s probably not a good idea.

    Would you only back the entire field on races where multiple bookies are paying the extra place?

    Thanks.

  4. Hi Luke,
    I’m a member of Oddsmonkey and I keep reading how people are scaring others off from doing EW horse race betting because their accounts are getting gubbed? What say you?

    I’ve made around £250 profit in 10 days since I signed up from a pot of around £125-£350 (I kept dipping in and out of my other account). So, in total I have a float of around £600 now. I’m too scared to try casino and bingo offers because they are not guaranteed and acca betting seems scary too when it’s not guaranteed. I’m already more than half way through my sign-up offers so I want to be moving onto the next stage where I can not worry when the offers dry up. Just wanted to ask a number of questions if you have the time?

    1) I want to keep my accounts clean and healthy too (When I deposit money for a free bet I put in a little more than needed. I place the QB for the free offer and with the remaining funds I tend to put 2 x £5 normal mug bets on at odds of around 5.0 which is roughly the same as I put on when I use a free bet and match it at the exchange. Is this okay and does it make me look like a mug punter?

    2) Is EW Horse race betting safe and the best way to make a profit consistently? I’ve almost ran out of offers and don’t get many offers in my emails. William Hill have been good though.

    3) I wish there was a stable thread on Oddsmonkey with concrete step by steps for matched betting to gear up to £750+ per month. I ask others for their routine so I can emulate it and nobody is saying anything. I feel like I should naturally know what I’m doing but I don’t. For total dummy’s like myself that need ABC steps its hugely frustrating! I want to learn it well so I can help others. Could you do a blog post on this or a video?

    Thanks for the informative site :)

    1. Extra places/EW betting certainly isn’t as profitable now as it once was but it can still be very rewarding during big race meets. I would say make use of your gubbed accounts short-term and save your healthy ones for the biggest racing events.

      As for making £750+, it’s mostly just about volume. I did do a video on making a living (I think!)

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