Last Updated on 25/02/2026 by Andy Clark
Extra places are one of the most valuable betting concessions at the Cheltenham Festival. When a bookmaker pays an extra place on a 20-runner handicap, the difference between collecting and going home empty-handed on an each-way bet can come down to whether you chose the right firm before the off.
This guide covers which bookmakers run extra place races at Cheltenham, how the terms work across different race types, which races to target across the four days, and how to make sure you are with the right bookmaker for every race.
What Are Extra Place Races?
In standard horse racing, each-way terms are set by the number of runners going to post. For a field of 5–7 runners, bookmakers pay two places. For 8 or more runners, three places at 1/4 odds. These are the industry default terms.
Extra place races are a promotional concession where a bookmaker pays one or more additional places beyond the standard terms, usually at the same place odds fraction (most commonly 1/5 at Cheltenham, though this varies). A bookmaker offering five places on a 16-runner Grade 1 instead of the standard four is paying an extra place. On a 20-runner handicap where six places are on offer instead of five, that sixth-place return can be worth a significant sum.
The key things to understand:
The place odds fraction matters as much as the number of places. A bookmaker paying six places at 1/5 is paying the same total place returns as one paying five places at 1/4 on a 16-runner field — the maths does not always favour the firm with more places. Check both the number of places and the fraction before placing.
Extra places are day-of-race only. They do not apply to ante-post bets placed before declarations. You must place your each-way bet on the day of the race in the race-day market to benefit.
They are confirmed on the morning of the race. Bookmakers typically publish their extra place races on their promotions page the morning of each race day, sometimes the night before. Always check before placing your each-way bet.
No opt-in is usually required. Extra places are applied automatically to qualifying each-way bets. The race will be flagged in the market with an extra places label.
How Extra Place Terms Work at Cheltenham
Cheltenham races vary significantly in field size and race type, which means the value of extra places varies too. Here is how the standard terms and typical extra place enhancements play out:
| Field Size | Standard Places | Typical Extra Places | Place Odds |
|---|---|---|---|
| Up to 7 runners | 2 places | Rarely enhanced | 1/4 |
| 8–11 runners | 3 places | Occasionally 4 | 1/5 (extra place races) |
| 12–15 runners | 3 places | Often 4 or 5 | 1/5 |
| 16–19 runners | 4 places | Often 5 | 1/5 |
| 20+ runners | 4–5 places | Often 5 or 6 | 1/5 |
The Cheltenham Festival handicaps — which regularly attract 20 or more runners — are where extra places have the most impact. A horse finishing sixth in a 24-runner field collects nothing on standard terms but collects the place return on a six-place extra place race.
Which Bookmakers Offer Extra Places at Cheltenham 2026?
The following bookmakers have a consistent record of running extra place races at the Cheltenham Festival. Specific races and exact terms are confirmed on the morning of each race day.
| Bookmaker | Typical Extra Places | Place Odds | Races Covered | BOG Available? |
|---|---|---|---|---|
| Paddy Power | Up to 6 places | 1/5 | Selected handicaps and Grade 1s | Yes |
| Betfair Sportsbook | Up to 6 places | 1/5 | Selected handicaps | Yes |
| bet365 | Up to 5 places | 1/5 | Selected races | Yes |
| William Hill | Up to 5 places | 1/5 | Selected races | No (9am BOG) |
| Ladbrokes | Up to 5 places | 1/5 | Selected races | No (9am BOG) |
| Coral | Up to 5 places | 1/5 | Selected races | No (9am BOG) |
| Boylesports | Up to 6 places | 1/5 | Selected races | Yes (8am) |
| Betfred | Up to 5 places | 1/5 | Selected races | Yes |
| Sky Bet | Up to 5 places | 1/5 | Selected races | Yes |
| BetVictor | Up to 5 places | 1/5 | Selected races | Yes |
Paddy Power and Betfair are historically the most aggressive with extra place terms at Cheltenham, frequently extending to six places on the big handicaps. Boylesports also runs six places on 20+ runner handicaps as part of their standard extra place promotion.
Which Races Have the Most Extra Place Value?
Not every Cheltenham race is worth targeting for each-way betting with extra places. The value concentrates in specific race types.
Premier Handicaps — the priority. These are the races where extra places have the biggest impact because field sizes regularly hit 20 or more runners and prices are distributed across the field. The key races in 2026:
Tuesday (Champion Day)
- Ultima Handicap Chase (3m1f, 20-25 runners expected) — one of the most competitive handicap chases of the week, six places at some firms
- Fred Winter Juvenile Handicap Hurdle (2m1f, 20-25 runners) — big juvenile field, wide market, extra places often announced
Wednesday (Ladies Day)
- Coral Cup (2m5f, typically 25-28 runners) — one of the largest fields of the week, six places standard at the better firms, genuine each-way value in the 12/1–25/1 range
- Plate Handicap Chase (moved to Wednesday in 2026, 2m5f, 20-24 runners) — large-field chase handicap, extra places announced consistently
Thursday (St Patrick’s)
- Kim Muir Amateur Chase (3m2f, 20-24 runners) — amateur riders, big field, competitive market with genuine each-way opportunities
- Martin Pipe Conditional Jockeys’ Hurdle (2m4f, 20-25 runners) — another large-field contest where sixth and seventh place matter
Friday (Gold Cup Day)
- County Hurdle (2m1f, 25-28 runners) — the largest field of the Festival, routinely attracts 25 or more runners, bookmakers push to six and occasionally seven places at the big firms
- Grand Annual Chase (2m, 20-24 runners) — fast-run two-mile chase with big field, extra places regularly offered
- Albert Bartlett Novices’ Hurdle (3m, 20-25 runners, moved to Friday in 2026) — large field of staying novice hurdlers, worth checking terms
Grade 1 races — worth checking too. While Grade 1 fields are smaller (typically 8–16 runners), extra places on a 12-runner Champion Hurdle or Cheltenham Gold Cup can be meaningful. A bookmaker paying five places at 1/5 on a 12-runner Grade 1 instead of the standard three is paying the place return on fourth and fifth, which, on a 10/1 or 12/1 runner, is a significant sum. Always check Grade 1 terms on race morning.
Paddy Power and Betfair Extra Places — What to Expect
Paddy Power have historically been the most aggressive bookmaker for extra place terms at Cheltenham. In recent years they have offered up to seven places on the largest-field handicaps and run extra places across the majority of the card — not just selected races.
Betfair Sportsbook mirrors this approach, often matching or exceeding Paddy Power on the number of races covered, reflecting the shared ownership between the two brands.
For 2026, expect both to announce extra place terms daily on their promotions pages from the morning of each race day. The Coral Cup, County Hurdle and Fred Winter in particular have attracted enhanced terms from these firms in recent years.
Boylesports Extra Places at Cheltenham
Boylesports run extra places on selected UK and Irish horse racing throughout the year, and Cheltenham is their biggest promotion of the racing calendar. Their standard terms pay one additional place beyond the industry default:
- 12+ runners: 4 places (standard is 3)
- 16+ runners: 5 places (standard is 4)
- 20+ runners: 6 places (standard is 4–5)
Place odds are paid at 1/5 throughout. No opt-in is required — the benefit applies automatically to qualifying each-way bets on flagged races.
The key advantage with Boylesports at Cheltenham is combining their extra place races with Best Odds Guaranteed, which applies from 8am on race day — the earliest BOG cut-in of any major bookmaker. If you take an early price on a horse in an extra place race and the SP is bigger, you receive the SP on both the win and place parts of the bet.
For the full breakdown of Boylesports extra place terms and how to use them at Cheltenham, see our Boylesports Extra Place Races guide.
The Place Odds Fraction — 1/5 vs 1/4
This is the most underappreciated variable in extra place betting, and it matters significantly on short-priced horses.
Most extra place races at Cheltenham pay at 1/5 odds. Standard each-way terms on a race with 8 or more runners are 1/4. That means a standard each-way bet returns more on the place part than an extra place race at the same bookmaker, provided your horse places within the standard terms.
The maths only switches in favour of extra places when your horse finishes in the additional place position. At 1/5, a 10/1 shot returns 2/1 (£3 per £1 staked) on the place. At 1/4 standard terms, the same horse returns 2.5/1 (£3.50 per £1 staked) on the place. The extra place race is a worse bet on the place return unless your horse specifically needs that additional place to collect.
This means extra places are most valuable when:
- You are backing a horse you expect to run into a place position just outside the standard terms — sixth in a field likely to have five standard places, for example
- The field is large enough (20+) that standard terms only pay four places, and the extra place firm is offering six
- You are unsure whether your horse will wi,n but believe it will finish in the top five or six in a large-field handicap
For short-priced horses that are likely to finish in the first two or three, the 1/4 standard terms at a non-extra-place firm may return more on the place part than 1/5 at an extra place firm. Always run the numbers before placing on a short-priced each-way selection.
How to Find Extra Place Races at Cheltenham Each Day
Step 1 — Check the bookmaker’s promotions page each morning. Most bookmakers publish their extra place races by 9am on race day, sometimes earlier. Paddy Power, bet365 and Boylesports all have dedicated sections for this on their race day promotions.
Step 2 — Look for the extra places label in the race market. When a race is flagged as an extra place race, the label appears in the market listing on the bookmaker’s website and app alongside the race. The label typically shows the number of places being paid — “5 Places” or “6 Places” — before you open the race.
Step 3 — Check multiple firms before placing. The same race may be an extra place race at one bookmaker but not another. For the big handicaps — Coral Cup, County Hurdle, Fred Winter — most major firms will run extra places, but the number of places and the fraction can differ. A quick check across two or three firms takes two minutes and can make a material difference.
Step 4 — Check if Best Odds Guaranteed applies. If you are placing your each-way bet in the morning when prices are often bigger than the SP, BOG means you collect at the bigger price on both the win and place parts if the SP shortens. Boylesports (8am), bet365, Betfred and Sky Bet all offer BOG at Cheltenham. William Hill, Ladbrokes and Coral offer BOG from 9am.
Extra Places vs Standard Terms — A Worked Example
Scenario: You back a 14/1 shot each-way at £10 in the Coral Cup (25 runners). Bookmaker A offers standard terms (4 places, 1/4 odds). Bookmaker B offers extra place terms (6 places, 1/5 odds). Your horse finishes fifth.
Bookmaker A (standard): Horse finishes fifth, outside the four places. Win part loses £10. Place part loses £10. Total return: £0. Loss: £20.
Bookmaker B (extra places): Horse finishes fifth within the six places. Win part loses £10. Place part: 14/1 × 1/5 = 2.8/1 on £10 place stake = £28 + £10 stake returned = £38. Total return: £38. Profit on the bet: £18.
The difference between choosing the right bookmaker and the wrong one on this bet is £38. This is why checking extra place terms before placing each-way bets in big-field Cheltenham handicaps is essential.
Extra Places in Each-Way Accumulators
Extra place terms do not generally apply to each-way accumulators. The extra places promotion applies to single each-way bets only at most bookmakers. If you are building an each-way accumulator, you will be subject to standard place terms regardless of whether the individual races are flagged as extra place races.
This is worth knowing if you are weighing up a single each-way bet versus an each-way accumulator across the same selections. The extra place benefit disappears the moment you combine legs into a multiple.
Some bookmakers run separate Place Accumulator promotions (Paddy Power’s 50/1 Place Accumulators, for example) which operate under their own terms and are not the same as extra place races. Always read the terms of any accumulator promotion separately from the standard extra place offer.
Cheltenham Extra Places FAQs
Do I need to opt in to extra place races?
No. Extra place races apply automatically to qualifying each-way bets at most bookmakers. You do not need to claim or activate anything — the race will be flagged in the market.
When are extra place races announced?
Most bookmakers publish their extra place races on their promotions page on the morning of each race day, typically from 8am or 9am. Some announce the evening before. Check before placing.
Do extra places apply to ante-post bets?
No. Extra place promotions apply to day-of-race bets only, placed after the race-day market opens. Ante-post bets placed before declarations are subject to standard terms.
Can I combine extra places with Best Odds Guaranteed?
Yes, at bookmakers that offer both. Boylesports (BOG from 8am), bet365, Betfred and Sky Bet all allow you to take an early price in an extra place race and receive the higher of your price or SP on both the win and place parts of the bet.
Do extra places apply to free bets?
Generally no. Free bet stakes are not returned with winnings, and most extra place promotions exclude free bets from qualifying. Check the terms at the specific bookmaker.
What happens if the field size drops below the extra place threshold?
If a non-runner reduces the field below the threshold for the extra place terms — for example, from 21 runners to 19 runners, dropping below the 20-runner threshold for six places — the terms are adjusted to reflect the new field size. The bookmaker’s terms page will confirm how field reduction is handled.
Are extra places available in-shop?
Yes at most major bookmakers. The same extra place terms that apply online apply in-shop on flagged races. Ask the counter staff or check the in-shop promotions board on the morning of each race day.
Which races at Cheltenham are most likely to have extra places?
The Premier Handicaps attract extra places most consistently: Coral Cup, County Hurdle, Fred Winter, Ultima, Plate Handicap, Kim Muir, Martin Pipe and Grand Annual. These races have the largest fields and the most competitive markets. Grade 1s are also worth checking, particularly those with fields of 12 or more.
Related Guides
- Cheltenham Free Bets Hub 2026 — all bookmaker sign-up offers for the Festival
- Cheltenham Existing Customer Offers 2026 — extra places, NRNB, BOG and more for existing customers
- Cheltenham Non-Runner No Bet Guide 2026 — which bookmakers offer NRNB and on which races
- Boylesports Extra Place Races — Boylesports-specific extra place terms year-round