Often around the time of the Grand National or other horse races where there's a huge number of horses in the race, lots of people are asking, what does, paying extra places mean?
Speaking very simply, paying extra places simply means that the bookie doesn't just payout on each-way bets for the first three places, they will pay out on horses that finish in the extra places. Depending on the size of the race the number of places paid could be 4,5,6 or even 7 places.
This means that if your horse doesn't win but it finishes 2nd, 3rd, 4th, 5th, 6th or even 7th in some cases you will be a winner, you will get a return when you've placed an each-way bet on the race.
The important thing with the extra place offers is that you have to place an each-way bet, if you place a to win, bet, you won't qualify.
Obviously, the amount paid out will be smaller if your horse finishes in one of the extra places positions than if it comes first, but winning something is better than nothing, right?
Now, the number of places that bookies pay extra places on, varies by race (and from year to year), so how do you tell how many places are being paid?
Here at Horse Racing Betting Apps, we have been betting on races that payout on extra places for some time now and we're in a good place to tell you about placing bets on races that pay extra places, how to find out how many places are being paid and how to place the bets.
Now, most bookies pay out of three places when you place an each-way bet. So when they say they are paying out on extra places it means that are going to pay out on 4, 5, 6 or even 7 places for a particular race.
You can find out which bookies are paying extra places on a race in a couple of ways.
Firstly, if it's a big race such as the Grand National, you will see it advertised in the local press, on the TV, on the radio, on Facebook and many other places that a bookie is paying extra places on the Grand National. They advertise because it attracts customers to place their bets with them.
A second way to find out how many places are being paid is to look at the bookies racing markets. They often shout very loudly on the markets page that a certain race is paying extra odds.
Another way to determine if extra places are being paid, or more places when compared to other bookies is to check the race card. You will see something like this at the top of the card "EW: 1/5 Odds 5 Places". This says that they are paying 5 places on each ways bets. You will be paid out at 1/5 odds if your horse finishes in positions 2-5.
The odds that bookies pay out on extra places depends on the bookie. So, it's not just enough to find the bookie paying the most places you need to find the bookie paying the most places at the best odds.
Some bookies pay out 1/5 odds, others 1/4 and others 1/3.
The lower the denominator the better return you will get for the same number of places.
It can seem like complicated stuff at first.
We will be going into a little more detail tomorrow on our post on each-way bets.
Bookies frequently payout on Each Way bets up to 3 places, but when the field is big, like in the Grand National they pay out on extra places.
When they are paying out on extra places they can payout on 4, 5, 6 or even 7 places.
When placing a bet on the races you can back a horse to win, or you can place an each-way bet. When you place an each-way bet you are essentially placing 2 bets, one for it to win and one for the horse to finish in second or third place. Or if extra places are being paid, a bet on it to win and a bet on it to come in position 2,3,4,5,6 or even 7.
The odds are lower for each way bets when compared to the horse winning. This makes sense because it's harder to pick a horse to win the race than it is to pick one that going to finfish in one of the other positions. It comes down to simple chances and probabilities of something happening.