If you’ve not yet done any extra place offers, listen up! Bookmakers will sometimes offer to pay us an extra place on our each-way bets. If we can find some tight odds to lay each part of our each-way bet, we can give ourselves a low-risk shot at a big return.
Understanding each-way bets
For those of you who are unfamiliar with each-way betting, allow me to explain…
An each-way bet is where you bet half your stake on a horse to win and the other half on the same horse to place. Betting on a horse to place, means betting on it finishing in the top few places. The win part of an each-way bet is paid out at the normal odds. The place part of an each-way bet is paid out at a fraction of the normal odds. Take a look at the following example…
These each-way terms mean that if our horse finishes 1st, 2nd, 3rd or 4th, the place part of our each-way bet will have won and we will be paid out at a quarter of the normal odds. Say, for example, we place £10.00 each-way on a horse at odds of 12/1. That means we are betting a total stake of £20.00. We are betting £10.00 on the horse to win at odds of 12/1 and £10.00 on the horse to place in the top 4 at odds of 3/1 (a quarter of 12/1). Don’t forget that if your bet wins, you will receive your stake back in addition to your winnings as follows…
|Outcome||Returns on win part||Returns on place part||Profit/Loss|
|Horse places 2nd 3rd or 4th||£0.00||£40.00||£20.00|
|Horse finishes outside top 4||£0.00||£0.00||– £20.00|
Finding an extra place offer
You’ve probably seen a fair few of these offers without realising how profitable they can be. They’re usually pretty well advertised on the bookmaker’s homepage, on their social media channels and they like to notify us via email too so make sure you allow them to send you promotional offers. You can check this in the settings of your accounts.
In order to illustrate just how profitable these offers can be, I’ll be using an extra place offer that Coral were running on the Foxhunters Chase (4.10 on Friday 18th March) at the Cheltenham Festival 2016. Coral were offering to pay 4 places instead of 3 for this race.
Profiting from extra place offers
The strategy for these extra place offers is to lay each part of our each-way bet at Smarkets. So, just as we would do with any other qualifying bet, we need to lay the win part of our each-way bet and then lay the place part of our each-way bet.
It’s the place part of our each-way bet that gives us an edge. As Coral are offering to pay 4 places instead of 3, we can lay our horse to place in the top 3 at Smarkets. This means that if our horse finishes exactly 4th, we will win the place part of our each-way bet at Coral (because our horse finished in the top 4) and we’ll also win our place lay bet at Smarkets (because our horse didn’t place in the top 3). If you’re with me so far, great! If not, don’t worry, things should become clearer with the following example.
There were 24 horses running in the Foxhunters Chase and the back and lay odds for the most fancied horses were as follows
Once we have some back and lay odds, we need to decide which horse gives us the smallest qualifying loss. We can do this by entering the figures into my matched betting calculator.
In order to work out the odds of the place part of our each-way bet, we need to convert our decimal odds into fractions. Using Paint The Clouds as an example, we need to subtract 1 from 6.00 to get our fractional odds, which are 5/1. We will be paid 1/4 of these odds, so we need to divide 5.00 by 4, which is 1.25. We can then add the 1 back on, to give us decimal odds of 2.25 on the place part of our each-way bet.
Having entered the relevant figures into my matched betting calculator, based on a £10.00 each-way bet, our qualifying profits/losses are as follows…
|Selection||Win Part||Place Part||Total Qualifying Loss|
|On the Fringe||– £1.11||– £1.08||£2.19|
|Paint The Clouds||– £0.78||+ £0.11||£0.67|
|Aupcharlie||– £2.15||– £1.23||£3.38|
|It Came To Pass||– £1.46||– £2.56||£4.02|
As you can see, placing our qualifying bet on Paint The Clouds gives us the smallest loss of £0.67.
Once you’ve done a couple of these offers, you will be able to spot the profitable horses at a glance, without needing to do so many calculations. It’s just a case of looking for any horses with low ‘To Place’ lay odds and then calculating whether the each-way odds at the bookmaker give us a close enough match to make it profitable.
With ‘To Win’ back odds of 6.00 (giving us odds of 2.25 on the place part of our each-way bet) and ‘To Place’ lay odds of 2.20, it was evident pretty quickly that Paint The Clouds would be a profitable horse, provided the ‘To Win’ lay odds were reasonable.
Placing our qualifying bets
Now that we have decided to place £10.00 each-way on Paint The Clouds at Coral, we need to work out our Smarkets lay stake for the win part of our each-way bet…
As you can see, by entering the relevant figures, the calculator tells us that our lay stake should be £9.40.
Now all we need to do, is work out our Smarkets lay stake for the place part of our each-way bet…
As you can see, by entering the relevant figures, the calculator tells us that our lay stake should be £10.32…
Place £10.00 each-way on Paint The Clouds @ 6.00 = Potential profit of £62.50
Lay £9.40 on Paint The Clouds ‘To Win’ @ 6.40 = Potential liability of £50.78
Lay £10.32 on Paint The Clouds ‘To Place (Top 3)’ @ 2.20 = Potential liability of £12.39
Let’s have a look at our potential profit/loss for the possible outcomes…
|Paint The Clouds wins||+ £50.00 + £12.50 – £50.78 – £12.39 = £0.67 loss|
|Paint The Clouds places 2nd or 3rd||– £10.00 + £12.50 + £9.22 – £12.39 = £0.67 loss|
|Paint The Clouds places exactly 4th||– £10.00 + £12.50 + £9.22 + £10.11 = £21.83 profit|
|Paint The Clouds finishes outside top 4||– £10.00 – £10.00 + £9.22 + £10.11 = £0.67 loss|
So, if Paint The Clouds finishes exactly 4th, we’ll have made a nice profit of £21.83. Any other result and we’ll have made a small loss of £0.67. Risking £0.67 to make a profit of £21.83, gives us effective odds of 33.58, which I’m sure you’ll agree makes this a very profitable offer in the long run.
It’s also worth noting that the above example was based on an each-way stake of just £10.00. If we increase our qualifying stake, we stand to make an even bigger profit, but obviously this will increase our potential qualifying loss so it’s important that we stake an amount we are comfortable with.
For those of you that are curious to know where Paint The Clouds finished in the Foxhunters Chase, he finished 3rd. It was a narrow miss on 4th place as he only took 3rd place during the closing stages of the race!
For the last couple of years, Bet365 have ran a fantastic money-back offer on the Grand National. All we had to do was place our bets on the Grand National and Bet365 would give us half of our stake back in cash, up to a maximum of £125.00. They were also offering to pay 5 places instead of 4.
By using the method above, we were able to make a guaranteed profit of £70.00+ regardless of the outcome, with an outside chance of making £400.00+ profit if our selected horse finished exactly 5th.
In 2015, the starting favourite, Shutthefrontdoor, disappointed many punters by finishing in 5th place, but that was the perfect scenario for us matched bettors who managed to bag £419.04 risk-free profit!
Hopefully, you will now feel confident enough to give one of these 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. These are great offers to consider when it’s all quiet on the football front. More often than not, you will incur a small loss, but every time you hit a winner, it will be a huge boost to your matched betting profits!