The extra place strategy continues to be one of the most profitable matched betting strategies in 2023. However, a lack of understanding can make it one of the riskiest. Learn about the strategy below.
What is an each way bet in Horse Racing?
Firstly, it is important to understand what an each way bet is. An each way bet takes your stake and places it twice, on two bets (this is why EW doubles your stake):
A bet on the horse to win
A bet on the horse to place (Finish top 3, top 4 depending on the amount of runners etc.)
This results in 3 possible outcomes.
If the horse wins, the half staked on the horse to win pays out, as well as the half staked on the horse to place.
If the horse places, the half staked on the horse to place pays out, and half staked on the horse to win loses
The horse loses, and both bets lose
Extra Places Matched Betting Strategy Explained
We know that with each way bets, half the stake is placed on the horse to place. As a promotional offer, bookmakers usually pay extra places than the standard amount (which depends on the number of runners). This creates an opportunity for a VALUE bet or matched betting situation to arise.
The matched betting opportunity: The bookmaker will be offering more places than the betting exchange, creating an opportunity to either lock in a minor qualifying loss or a big profit if the horse finishes exactly in the extra place; as all bets will win in this scenario.
3 Step Summary
Step 1-Place the each way bet
Find a bookmaker offering an extra place. For example, Bet365 are paying 4 places, whereas most bookmakers are only paying 3. Back the horse on Bet365, making sure to tick the box for each-way (as shown below)
NOTE £10 'each way' is a £10 stake on the horse to win and a £10 stake on the horse to place-Hence the total stake equaling £20
Step 2-Lay the horse to place
On a betting exchange, lay the horse for 3 places.
The following bet wins if the horse does NOT finish in the top 3.
Step 3-Lay the horse to win outright
On a betting exchange, lay the horse to win outright.
The following bet wins if the horse does NOT finish 1st.
It can be difficult to see how all possible outcomes are covered. In summary:
If the horse wins, our Bet365 bet pays out each way, and both exchange bets lose
If the horse finishes top 3, Bet365 pays out each-way, laying the win loses, laying the place pays out.
If the horse finishes 4th (in the extra place), Bet365 pays out each way, laying the win pays out, laying the place pays out. All bets win!
If the horse finishes outside the top 4, laying the win pays out, laying the place pays out, the each way bet loses
In this scenario, we would take a small loss of £1.39 if the horse doesn't finish 4th, but a huge profit of £44.51 if it manages to finish in the extra place!
For Extra Place strategies, we must precise amounts to ensure our qualifying loss is as small as possible.We've created the extra place calculator which tells you the exact stakes for given odds.
Extra Places Alerts
As the bookmaker is offering value by offering an extra place, over the long-term the extra place strategy is GUARANTEED to make us money It's a positive EV bet. Read more about expected value here.
We post regular extra places alerts in our matched betting community channel. See an example below.
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