What is Extra Place Betting in Horse Racing?

Horse racing offers a multitude of interesting and unique ways to bet given its nature as a sport. Racing is frequent, with events taking place all over the country and indeed the world at almost all times. The sport is also card-based, meaning each meeting will feature multiple races. This opens up far more possibilities for betting.

The jargon surrounding the sport can sometimes be intimidating for new punters. But Betfred Insights is here to cut through the confusion and help you brush up on your equestrian terminology. So come and join us in the paddock as we take you through Extra Place betting.

An each-way bet on a horse race means that the bookmaker will pay out on a certain number of places. For example, if the bookmaker is paying out on three places then half your stake would go on your horse to win at the stated odds. The other half will go on your horse to place. So in our example, if your horse finishes in first, second or third then the bookmaker will pay out at one-fifth of the odds. If your horse wins, you are paid out for both the win and the place. 

Extra Place betting is when the bookmaker extends the amount of places paid out on an each-way bet. So in our example, an Extra Place offer would mean the bookmaker paid out on four places rather than three. So if your horse finishes fourth, the bookmaker would pay out the each-way half of your bet at one-fifth odds.

To calculate the odds of your place bet, simply divide the stated odds by five. So if your horse is 10/1 to win, they would be 2/1 to place in an each-way. An Extra Place offer would increase your chances of winning the each-way half of your bet, as your horse could finish fourth in our example and you would see a return.

Horse Racing Tips from Betfred Insights