In this article, we are going to take a look two different approaches to making a profit from the upcoming Open Championship starting Thursday July 19 at Royal Birkdale.
Being one of the major British sporting events, many bookmakers are enticing punters by offering extra places on each-way bets (with some going as high as 10 places each-way).
This opens up many risk free and low risk profit opportunities, if you have the right knowledge or access to the right software.
One such piece of software is the Extra Place Matcher and extra place calculators offered to OddsMonkey Premium members.
Our first approach is low risk but has the potential to pay out handsomely if the triggers are hit. For this approach, we look to place our each-way back bets at the bookmaker offering the extra places and then our lay bets at Betfair on the outright winner and standard to be placed markets.
The Extra Place Matcher on OddsMonkey does all the hard work for you - identifying the lowest cost bets to place with the bookmakers offering the extra places and doing the complicated calculations.
The above image shows that we can place a £10 each-way back bet on Ryan Fox at odds of 250/1 and by placing the stated lay bets at Betfair we can find ourselves in the following position for a qualifying cost of just £1.71.
● If Ryan Fox finishes anywhere except 6th we lose £1.71
● However, if Ryan Fox finishes 6th and we make a profit of £633.29!
We effectively have a great value bet of £1.71 at odds @ 370.0369/1 on Ryan Fox finishing in 6th place from a £10 each-way bet.
The software is currently highlighting hundreds of similar opportunities to the users. An example can be seen in the image below - note the highlighted columns showing the qualifying loss and potential profit if the selection finishes in any of the extra places offered.
Our second approach is risk free. For this approach, we are looking at placing our each-way back bets at the bookmakers offering extra places and then placing lay bets at Betfair on the 'Outright Winner' and the matching 'To Be Placed' markets to lock in guaranteed profit, no matter where our selection finishes.
For this, we would use OddsMonkey's Each-Way Matcher. The tool ranks all of the selections in order of best value.
At the time of writing, Bill Haas is at odds of 150/1 to win at a bookmaker offering 1/5 odds for 10 places and available to lay at 210.0209/1 in the outright winner market and 13.012/1 in the top 10 place market. By placing a £25 each-way bet at the bookmaker and the lays advised by the calculator at Betfair, we can lock in a risk free profit of £23.93. As shown in the image below...
Use OddsMonkey's free Each-Way Calculator to see the how this type of each way bet is calculated. Again, there are hundreds of these opportunities available in the build up to The Open with plenty of risk free profits to be made.