Key takeaways
- Extra places are a bookmaker concession that pays the place part of an each way bet on more positions than standard terms.
- A 16 runner handicap pays four places at one quarter the odds under standard terms, so an extra place offer adds a fifth.
- A £5 each way bet at 20/1 on a horse finishing fifth under five place terms at one quarter returns £30 from the place part.
- Over ten seasons, Flat favourites won 21.2% of runs in fields of 15 or more, which is why big handicaps attract extra place offers.
- Place only markets are separate bets that pay if a horse finishes within a stated number of places, with no win part.
What do extra places add to standard each way terms?
Standard terms pay up to four places in a 16 runner handicap. An extra place offer pays one or more further positions, such as fifth or sixth, at the stated fraction of the odds.
Standard each way terms in Britain and Ireland follow field size: win only with four or fewer runners, two places at one quarter with 5 to 7, three places at one fifth with 8 or more, three at one quarter in handicaps of 12 to 15, and four at one quarter in handicaps of 16 or more. An extra place offer adds positions on top of these, usually on named races only.
Some firms improve the fraction instead, for example paying one quarter rather than one fifth on the places. Read both numbers: the places and the fraction together decide the place return.
| Race | Standard places | Fraction | Example extra place offer |
|---|---|---|---|
| 8+ runners, non-handicap | 3 | 1/5 | 4 places |
| 12 to 15 runners, handicap | 3 | 1/4 | 4 places |
| 16+ runners, handicap | 4 | 1/4 | 5 or 6 places |
| Major festival handicap | 4 | 1/4 | 5 to 7 places |
How is an each way bet settled when a horse finishes fifth under extra place terms?
£5 each way at 20/1 on a horse finishing fifth, with five places paid at one quarter, settles the place part at 5/1 and returns £30. The win part loses.
The outlay is £10: £5 on the win and £5 on the place. The win part loses because the horse did not win. The place part is paid at one quarter of 20/1, which is 5/1, so £5 returns £25 winnings plus the £5 stake, £30 in total. Under standard four place terms the same bet would have returned nothing.
Extra places only change the place half. They do not alter the price, and a Rule 4 deduction from a late withdrawal still reduces the winnings in the usual way.
| Finishing position | Standard terms (4 places) | Extra place terms (5 places) |
|---|---|---|
| 1st | £135 returned | £135 returned |
| 4th | £30 returned | £30 returned |
| 5th | £0 | £30 returned |
| 6th | £0 | £0 |
In the 2025/26 British and Irish jumps season, favourites won 44.7% of their runs in fields of two to six runners and 29.4% in fields of fifteen or more.Live from data/favourites-by-field-size · Sample: 1550 small-field races · Window: 2025/26 jumps season, with ten-season comparison
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Fav win % by Runners
How do place only markets work?
Place only markets, often shown as to finish in the top three or top four, pay a single stake if the horse finishes within the stated places. There is no win part, and prices are set separately.
A place only bet is not half of an each way bet. Its price is set for that market alone, so it can be better or worse than the each way fraction. On a short priced favourite the place only price may be tiny, while on an outsider in a big field it can be more generous than one quarter of the odds.
Exchanges run place markets too, with the number of places stated on the market. Those prices move with money like any exchange market and carry commission on winnings. Comparing the place market with one quarter of the win price is a quick way to see which offers the better return for a horse you expect to finish in the frame.
Which races attract extra place offers?
Bookmakers usually offer extra places on big field handicaps and feature races, where the standard four places leave many runners finishing just outside the frame.
Saturday handicaps with 16 or more runners, festival handicaps and the big staying chases are the typical targets. In those races the favourite wins far less often than in small fields, as the live chart on this page shows, so the extra place gives each way backers a better chance of a return on horses at double figure prices.
The offer is also a marketing tool. Bookmakers compete for the big Saturday and festival handicaps, and the extra place is one of the most visible ways to do it. An extra place does not change the win price, so comparing the win price as well as the place terms matters before deciding where a bet goes.
What small print applies to extra place concessions?
Extra place terms usually apply only to named races and to bets struck with that bookmaker under the offer. Non-runners can change the terms if the field size falls.
Each firm sets its own rules. Common conditions include a minimum field size at the off, a maximum stake, exclusion of some bet types, and whether bets struck at SP qualify. If a withdrawal takes the field below the size the offer requires, some firms revert to standard terms while others honour the offer as advertised. The terms at the time of the bet decide which applies.
Best odds concessions can combine with extra places, so a winner may be paid at the bigger of the price taken and the SP while a fifth placed horse is paid on the extra place. Each concession is applied separately under the firm's own rules.
- Check the race is named in the offer
- Check whether SP bets qualify
- Check the minimum field size
- Check the fraction as well as the places
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Questions people ask
How is an each way bet settled if my horse finishes fifth with five places paid?
The place part is settled at the stated fraction of the odds, and the win part loses. £5 each way at 20/1 at one quarter terms returns £30.
What is the difference between place only and each way?
A place only bet is a single stake that pays if the horse finishes within the stated places. An each way bet is two stakes, one on the win and one on the place.
Why do bookmakers offer extra places?
Extra places are a promotion used to attract bets on big races, usually large field handicaps. Each bookmaker sets which races and how many places the offer covers.
Do extra places apply to SP bets?
Extra place terms apply to qualifying bets under the bookmaker's offer, which can include bets taken at SP. The offer's terms state which bets qualify.
What happens to extra places if a horse is withdrawn?
A withdrawal can reduce the field below the size the offer requires, and some bookmakers then revert to standard terms. The terms of the concession set out how non-runners are handled.
Keep reading
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