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What is extra place betting in horse racing?

Extra place betting is a peculiar wager that is apparently available only in the U.K.

I’ve never played it, but my research indicates it is available only on select races from specific bookmakers and UK horse racing apps such as William Hill, Paddy Power and Betfred and is a type of bet known as a matched wager.

Its existence apparently springs from a quirk in British horse racing rules that enables the Jockey Club to determine how many horses will be “placed” – meaning that their backers will be paid.

In a typical race, that means the top three finishers, but in some cases it can be more. In the Grand National, which can draw 40 horses, the Jockey Club could elect to pay through fifth place, for example.

The “extra place” deal is essentially an expansion of that in which the bookmaker offers the extra place payout, usually calculated as a fraction of the win or place odds. I’ve seen offers that pay the top six finishers, but it’s possible that some go deeper than that.

That’s just part of the twist though. The object is not to pick the winner; it’s to select the horse that finishes in the “extra place.”

If the bookmaker is paying out four places rather than three, for example, then you’re trying to select the horse that finishes fourth. If the extension goes through the sixth horse, then the six is the “extra place.”

The sales pitch for this wager is that if you lose, which you will do a vast majority of the time, you will only lose a little. If you win, however, you will trigger a juicy payoff.

Just how juicy I can’t really say without seeing it in action.

In the meantime, I’m completely confounded by this wager and wouldn’t waste a dime on it. But if it caught your interest, spend a little time with Google and the search phrase “extra place bets” and knock yourself out.