An each way bet is two bets, so an each way matched bet needs two lays: the win part in the exchange win market and the place part in the place market. On extra place offers, the bookmaker pays one more place than the exchange. If your horse finishes in that extra place, both place bets win.
Two bets, two lays
A £10 each way bet is £10 to win and £10 to place. Lay the win part in the exchange win market at the win odds. Lay the place part in the exchange place market at the bookmaker's place odds, which are the win odds times the place fraction.
At 11/1 (12.0) with 1/5 place terms, the place part pays at 1 + 11 ÷ 5, which is 3.2. That's the back odds to enter for the place lay.
A worked example
A bookmaker pays four places at 1/5 on a big handicap. The exchange place market pays three. Your horse is 12.0 at the bookmaker, 12.5 to lay to win and 3.4 to lay to place. Commission is 2%.
| Where it finishes | Result across all four bets |
|---|---|
| Wins | -£1.30 |
| Places 2nd or 3rd | -£1.30 |
| Finishes 4th (the extra place) | £30.70 |
| Unplaced | -£1.30 |
You need £133.30 in your exchange account to cover both lays. Most of the time the horse doesn't finish fourth and you lose £1.30. When it does, you win £30.70.
Why extra places can be worth it
You pay a small qualifying loss on every bet to get a shot at a bigger win now and then. Whether that pays over time depends on how often horses at your odds land the extra place, and how small you keep the loss. Big fields with close back and lay prices help on both counts.
Place markets at exchanges can be thin, with wide gaps between prices. Check the place lay is matched in full before the race starts.
Doing it in the calculator
Run the matched betting calculator twice: once for the win part with the win odds, and once for the place part with the place odds. Use the qualifying bet setting for both.
Work out both lay stakes.Matched betting calculator →Matched betting service with extra place tools
Questions people ask
What are each way place odds?
The win odds minus 1, times the place fraction, plus 1. At 10.0 with 1/4 terms, the place odds are 1 + 9 ÷ 4, which is 3.25.
What is an extra place offer?
A bookmaker pays one or more places beyond the standard terms, often on big races. The exchange place market usually pays the standard number of places.
Is each way matched betting risk free?
The lays remove the risk of the result, except for the extra place, which only pays you. The risks are unmatched lays and mistakes, as with any matched bet.