What Is An Extra Place Special?
Extra place specials are when bookmakers offer to pay out on an extra place for each-way bets, so that for example for a special horse race instead of paying out on the first three placed horses, they will pay on the first four, five or even six.
The same happens with golf tournaments where bookmakers often offer to pay out on the top six, seven or even eight finishers rather than just the top five.
If you decide to bet £10 each-way (total stake £20) on a horse whose odds to win are 12.00, you are effectively betting £10 at 12.00 that the horse will win and £10 at 3.75 that it will place in the first six positions.
What Is An Each-way Bet?
An each-way bet is a bet where the stake is split in two equal sized bets, one backing the selection to win and the other backing the selection to place. The win bet is paid out at normal odds, while the place bet is paid out at a fraction of the win odds, commonly 1⁄4 or 1⁄5.