As April arrives and spring gets underway, many sports fans look forward to events indelibly linked to the season, like the Grand National and the Masters at Augusta. Of course, these are huge betting events, often attracting casual punters who would not usually bet on golf or horse racing. In the UK, vast amounts are wagered on the national level, and, as you might expect, the Masters draw in huge betting volumes globally.
Yet, one thing that sets these two events apart from their mid-spring positioning is that they are betting events that often offer extra each-way places. It isn’t easy to think of two major sporting events that provide more in those markets. Perhaps some other golf Majors may rival the Masters in terms of extra places, yet the point stands.
Bookies can go the extra mile in big events
So, what exactly do we mean by extra places? If we take Grand National betting as an example, you are talking about extra places in the each-way markets. Typically, horse races determine the number of places offered by the number of runners. There is an industry standard for this:
1-4 Runners – Win Only
5-7 Runners – 2 Places
8-15 Runners – 3 Places
16+ Runners – 4 Places
Now, here’s the point. The Grand National is a race where bookies are only technically obliged to offer four places, but they often go far beyond that, offering 5 places at the bare minimum, often stretching to 6, 7, or even 8 places. For the Masters, it’s broadly the same. Indeed, we have seen up to 10 places offered in the 2025 Masters by some bookies. The idea, as such, is that you will get paid if your horse or golfer finishes in the top 8 (if offered) rather than the standard placings of the top 4.
So, why do they do this? The simple answer is marketing. Blue-chip events like the Masters and Grand National are key entry points for new customers. If you have a promotion that offers many additional places, it is a clear attraction. You will see this at other major events like the Cheltenham Festival.
History suggests long-odds picks can flourish
Yet, just because it is a promotion does not mean it lacks value. The additional places are good for bettors who want to go for long shots. For example, horses were priced at 40/1, 33/1, and 28/1 (two) in the top eight of the 2024 Grand National. In the 2024 Masters, Max Homa was priced at over 80/1 with some bookmakers and finished tied for 3rd. Tommy Fleetwood, too, finished 3rd and could be found at 50/1 and above. With each-way odds typically paying 1/5th, you can appreciate how the discerning punter might be tempted to eschew the favourites. Scottie Scheffler (2024 Masters Champion) was very short-priced going into the tournament.
Of course, the other side of the coin is that betting on long shots to cut in additional places is easier said than done. For every 50/1 golfer or horse that finishes in the top eight, more than a few don’t. Pinpointing those who can make a fist of it is not always easy. On the other hand, it’s worth remembering that these events can also throw up huge-priced winners, meaning you get the full payout plus the each-way returns. The Grand National has had winners of 66/1 (Auroras Encore 2013) and 100/1 (Mon Mome 2009) in the modern era, and Noble Yeats (2022) is among 50/1 winners in recent times. Masters winners in the modern era with massive odds include Hideki Matsuyama (2021), Danny Willett (2016), and a post-peak Tiger Woods (2019).
