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Latest update:March 16, 2024

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Welcome to the US Masters golf matched betting guide.

The US Masters golf tournament takes place in April each year at the Augusta National. The Masters is one of the four golf majors alongside the US Open, The Open Championship and the USPGA Championship.

Bookmakers pay out extra places for each-way bets on these major tournaments.

The savvy matched bettor can back and lay several golfers. The aim is to trigger an extra place payout.

Golf each-way betting

An each-way bet is split into two equal parts:

One half of your stake is backing a golfer to win the tournament

The other half of your stake is backing a golfer to place (i.e. finish in the top 5 places)

£10 each-way at 10/1 (11.0) is a total stake of £20. The place part of the bet would pay 1/5 the odds each-way.

£10 of your stake is to win at 10/1 (11.0), and £10 is to place at 5/2 (3.5).

Calculating place odds

To calculate the place odds in decimals, take the fractional odds of 10/1, divide by 5, then add 1.

10 divided by 5 = 2.0 + 1 = 3.0

If your golfer finishes in the extra places, you win both sides of the matched bet. Your back bet wins at the bookmaker (+£20) and your lay bet wins at the betting exchange (+£10).

Your profit potential increases in proportion to your stake. However, larger stakes may incur a higher qualifying loss, unless you bet on an arb.

Selecting golfers

Matched betting on golf majors is challenging due to the sheer number of competitors.

The US Masters has an unusually small number of golfer. 87 players will start the tournament. This is a good opportunity for matched bettors.

The two main points are:

  1. Matched bet several players. We need as many chances as possible to trigger the extra place.
  2. Minimise your qualifying losses. Only bet each-way on a golfer with closely matched back and lay odds.

Use Oddschecker to find potential golf match bets (best price in the bold underlined text). Look for close odds matches in comparison to the exchange lay markets (‘Winner’ and ‘Top 5 Finish’).

Most bookmakers offer between 6 and 10 places at 1/5 the odds each-way.

You may find a select few bookmakers that offer 6 places at 1/4 the odds each-way.

Laying golf each-way bets

Navigate to Betfair or Smarkets and lay both parts of your each-way stake.

  1. WIN PART: Place a lay bet on your golfer in the “Tournament Winner” market.
  2. PLACE PARTPlace a lay bet on your golfer in the ‘Top 5 Finish’ market.

Aim to slightly underlay both lay bets. Underlaying yields a small profit if your golfer wins or finishes in the top 5 places, whilst minimising qualifying losses.

You can also lay in the “Top 10 finish” market at Betfair Exchange for your 10 places each way bets with Coral, Paddy Power and Skybet.

Extra places 

Here’s an overview of extra places for US Masters golf.

The default exchange lay market is 5 places. Therefore, bookies paying 6 to 10 places gives you extra places to aim for.


  • Betfair Sportsbook, Coral online, Paddy Power online, Skybet.

You can overlay the place at Betfair. See the “top 10 finish” market. This will give a risk-free shot on the win part of your each-way bet.

Other bookmakers will pay out 8, 7, or 6 places each way. Please check Oddschecker for the latest extra places information, as bookmaker traders can change the place terms at any time.

Best US Masters golf offers

What kind of offers are usually available for the US Masters golf?

A summary of typical US Masters golf promotions:

  • Back the outright winner, get a free in-play bet.
  • Refund on losing outright winner bets (as a free bet) if a certain player, or if specific players, wins the tournament.
  • Stake on the outright winner, get paid as a winner if your player leads at the end of any day.
  • Bet on the outright winner, get X free bet if your player finishes 2nd, 3rd or 4th.
  • Bet £20 on the outright winner, get a £2 free bet for each shot under par your player finishes day

The above offers are simple back and lay matched betting offers.

Popular golf betting markets

In addition to the extra places, you will see a variety of different markets for your golf matched betting.

First Round Leader: Who will lead the tournament at the end of the first round’s play?

Player to Miss the Cut: Bet on a golfer to get eliminated after two rounds.

Match bets: This is betting on which player will shoot the lowest score in a two or three-ball group, or betting on who will perform better between two individual players.

Top Nationality betting: Select which player will achieve the best score in the tournament from a specific country.

Golf betting glossary

Much like other sports, golf has its own unique terminology associated with the game.

Birdie: When a golfer scores one under par at a specific hole. For example, 2 on a par 3.

Bogey: A score of one over par on a hole. For example, 4 on a par 3.

Cut score: When a player is eliminated after two rounds of a tournament. ‘The cut’ typically includes the top 60 players or those within 10 shots of the leader.

Eagle: A score of two under par for a hole.

Hole in one: Finishing a hole in one shot from the tee.

Matchplay: Two or more golfers score each hole individually. The match is decided by who wins the most holes.

Par: The expected number of shots to complete a hole.


Stroke play: A type of golf tournament where the lowest score across four rounds wins.

Tee: Where a golfer begins their round by hitting the ball off the tee.

Three ball: The first two rounds of a golf tournament will feature three players in each group.

Two ball: The players will play in pairs for the final two rounds.