Implied odds are a way of expressing the likelihood of an event happening. They are calculated by multiplying the probability of the event occurring by the amount of money you stand to win if the event does occur. Putting it simply, implied odds are the potential return you should expect if the event you are betting on occurs.
In the world of betting, implied odds are often used to calculate the potential profits from a wager. For instance, if you bet $100 on a horse race and the odds are 10/1, your potential winnings are $1000. However, if the implied odds are 8/1, your possible winnings are only $800. This gives you an indication of how likely it is that the horse you are betting on will win the race.
What Are Extra Places?
Extra places (or non-runners) are a type of bet where you are allowed to place a wager on more than one selection in a single bet. For instance, if you were to bet on a horse race and choose two horses, you could select the first horse to win and the second horse to place. This means that you would win your bet if either of the horses finish in the top two positions.
Extra places are often offered by bookmakers as an incentive for punters to bet on more than one selection. This can be beneficial if the odds of the selections you have chosen are long and you are confident that one or more of them will finish in the top few positions.
How Do You Calculate Implied Odds for Extra Places?
Calculating implied odds for extra places is relatively straightforward. It involves multiplying the odds of each selection by the number of places available in the bet. For example, if you were betting on a horse race and the odds of the two horses you have selected were 10/1 and 8/1 respectively, and there were three places available, then the implied odds would be:
- 10/1 x 3 = 30/1
- 8/1 x 3 = 24/1
This means that if either of the horses you have chosen finish in the top three positions, you will win your bet.
Factors to Consider When Calculating Implied Odds for Extra Places
When calculating implied odds for extra places, there are a few factors you should consider:
1. The Odds of Your Selections
The odds of your selections are the most important factor to consider when calculating implied odds for extra places. The higher the odds of your selections, the higher the implied odds. This means that if you are confident that one or more of your selections will finish in the top few positions, then you should look for selections with the highest odds.
2. The Number of Places Available
The number of places available for your bet is also an important factor to consider. The more places available, the higher the implied odds. For instance, if you were to bet on a horse race and the odds of the two horses you have selected were 10/1 and 8/1 respectively, and there were four places available, then the implied odds would be:
- 10/1 x 4 = 40/1
- 8/1 x 4 = 32/1
3. The Bookmaker’s Margin
Bookmakers often add a margin to the odds they offer to punters. This means that the implied odds may not be as high as the odds you are offered by the bookmaker. For instance, if a bookmaker offers 10/1 odds but has a margin of 5%, then the implied odds would be 9.5/1. Therefore, it is important to check the bookmaker’s margin before calculating the implied odds.
4. The Type of Bet
The type of bet you are placing can also affect the implied odds. For instance, if you are placing an each-way bet (where you bet on a selection to win and place), then the implied odds will be lower than if you were placing a straight win bet.
Benefits of Calculating Implied Odds for Extra Places
Calculating implied odds for extra places can be beneficial for punters. It allows them to assess the likelihood of their selections finishing in the top few positions, and it allows them to make informed decisions about which selections to bet on. It also allows punters to compare the implied odds of different bookmakers and select the one with the highest implied odds.
Conclusion
Calculating implied odds for extra places is a useful tool for punters. It allows them to assess the likelihood of their selections finishing in the top few positions, and it allows them to compare the implied odds of different bookmakers. It is important to consider the odds of your selections, the number of places available, the bookmaker’s margin, and the type of bet when calculating implied odds for extra places.