Extra places are each-way terms better than the industry standard. A 20-runner handicap pays 4 places at 1/4 odds as standard; a bookmaker offering extra places might pay 5 or 6. Sometimes the place fraction is also changed, usually down to 1/5 odds in exchange for the extra positions. The offer is a real improvement for the each-way punter in most cases, but not all, and the sums to tell the difference take about a minute.
When they are offered
Extra places appear on races where bookmakers are competing for turnover: the big Saturday handicaps, the Cheltenham, Aintree and Royal Ascot festivals, the Grand National, the Ebor, the Cesarewitch, the Lincoln. They are also common on the feature race of a midweek card when a firm wants to advertise. The offer is usually announced the evening before or on the morning of the race, and it applies only to bets struck with that bookmaker on that race.
Two things to check straight away: the number of places and the fraction. “6 places” on its own tells you nothing until you know whether it is 1/4 odds or 1/5 odds. And check whether the offer survives non-runners. Many firms reduce the places if the field drops below a stated number; that varies by bookmaker, check the terms.
The 2 variables
Each-way place terms have 2 moving parts: how many places pay and what fraction of the win odds you get on the place half. An extra place increases the chance your place half pays out. A lower fraction reduces what it pays when it does. So the comparison is always between a higher probability of a smaller return and a lower probability of a bigger one.
For a short-priced each-way bet, the fraction matters more, because the place return is small and losing a fifth of it hurts. For a big-priced bet, the extra places matter more, because a 25/1 shot finishing 5th is a very plausible outcome and the place return at either fraction is substantial.
Worked example: 1/4 odds 4 places versus 1/5 odds 6 places
Same horse, same race, £5 each-way, 20 runners. Your horse is 20/1. Total stake £10 with either firm.
Firm A: standard terms, 1/4 odds, 4 places. Place half pays 20/4 = 5/1. £5 at 5/1 returns £25 winnings plus £5 stake = £30.
Firm B: extra places, 1/5 odds, 6 places. Place half pays 20/5 = 4/1. £5 at 4/1 returns £20 winnings plus £5 stake = £25.
If the horse finishes 1st to 4th, Firm A pays £5 more on the place half. If it wins, the win half is identical at both, £100 winnings plus £5 stake, so the totals are £135 at A and £130 at B.
If the horse finishes 5th or 6th, Firm A pays nothing and you lose £10. Firm B pays £25 for a profit of £15. The difference is £35 in Firm B’s favour.
So Firm B costs you £5 in 4 outcomes and gains you £35 in 2 outcomes. For a 20/1 shot in a 20-runner field, which is roughly as likely to finish 5th or 6th as it is to finish 3rd or 4th, the extra places are clearly the better deal.
Now run the same comparison at 5/1.
£5 each-way at 5/1. Firm A, 1/4 odds: place half 5/4, returns £6.25 plus £5 = £11.25. Firm B, 1/5 odds: place half 1/1, returns £5 plus £5 = £10. Difference £1.25 per placed finish in Firm A’s favour, and £10 in Firm B’s favour for a 5th or 6th place. A 5/1 shot is much more likely to finish in the first 4 than 5th or 6th, so the gap closes, but the extra places still carry the day unless you think the horse is either winning or nowhere.
The general rule: for horses at 8/1 or bigger, extra places at 1/5 beat standard terms at 1/4 almost every time. Below 4/1, the fraction starts to matter and you should think about whether the horse is a realistic 5th or 6th place. Between those prices, the extra places usually win but by less.
Extra places at the same fraction
When a bookmaker offers extra places and keeps the fraction at 1/4, there is no trade-off. More places at the same price is strictly better. Take it, provided the win price is not shorter than elsewhere. Bookmakers sometimes fund extra places by shading the win price, and a horse at 16/1 with 6 places is not automatically better than 20/1 with 4 places. Run the sums: on £5 each-way, 16/1 at 1/4 pays £20 plus £5 = £25 on the place half; 20/1 at 1/4 pays £25 plus £5 = £30. The 2 extra places need to be worth that £5 plus the £20 difference on the win half. For a 16/1 shot they probably are, but it is closer than it looks.
Each-way multiples and extra places
Extra places normally apply to each-way singles. Whether they apply to the place legs of each-way doubles and Lucky 15s varies by bookmaker; check the terms. If they do, the effect compounds, because an extra place on 2 legs of a double keeps the whole place double alive.
Quick rules
- Check both the number of places and the fraction. 6 places at 1/5 is not the same as 6 places at 1/4.
- At 8/1 or bigger, extra places at 1/5 odds almost always beat 4 places at 1/4.
- At short prices the fraction matters more; think about whether 5th or 6th is realistic.
- Compare the win price too. Extra places with a shaded win price can be a worse deal.
- Non-runner rules on extra places vary by bookmaker; check the terms before the field is set.
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