The setup
Back the horse each-way with the bookmaker offering the extra place. Lay it for the win on the exchange, and separately lay it for the place at the exchange (using the exchange's Place market — usually available on Betfair and Smarkets).
If the horse wins or finishes in a standard place, you break even (or take a small qualifying loss). If it finishes in the extra place — 5th when the standard is 4, for example — you profit from the mismatch between the bookmaker paying and the exchange refunding your Place lay.
Where extra place is +EV
Handicap races with 12+ runners. The larger the field, the more places bookmakers offer, and the more often the extra place hits.
Meetings where multiple bookmakers offer 'best odds guaranteed' AND extra place — the combined value is significant.
Sprint handicaps and big-field flat handicaps in the summer are the peak hunting grounds.
Executing cleanly
Use a dedicated extra-place matcher (OddsMonkey and Outplayed both include one). Manual selection is slow and prone to mistakes because you need the win and place markets to line up.
Confirm the bookmaker's actual place terms for the specific race — they can vary from the general promo terms.
Kelly's tips
- ✦Handicap races with large fields are the best hunting ground for extra places.
- ✦Use a dedicated extra place matcher. Manual selection is slow.
- ✦Extra place variance is significant — expect losing runs of 15–20 races before a big hit.
Common mistakes
- ✕Backing at short odds where the trigger is unlikely to be profitable.
- ✕Not confirming the bookmaker's actual place terms — they vary race to race.
- ✕Missing the exchange Place market and leaving the place side unhedged.
FAQs
Is extra place +EV?
Yes, on well-chosen races. The variance is significant — expect losing runs.
How much does extra place add per month?
£50–£200 for a bettor running one big Saturday meeting per weekend and using an extra-place matcher.
Does extra place work on National Hunt?
Yes, particularly on handicaps at big festivals. Cheltenham week is one of the most profitable periods of the year.
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