puzzle

[noel]

lets say there is an 8 horse race and punters back each horse on the tote for win and place at exactly the same ratio -:

A- 25 UNITS INVESTED
B- 9
C-8
D-7
E-6
F-5
G-4
H-3
that makes a total of 67 units invested (could be $67,000 or $670,000 etc)

now just say the tote doesn't take out any money from the pool.....the dividends returned to punters for the place should be 67 divided by 3 (3 places) then divided by the number of units invested, which is (approx)) -:
A- .89CENTS
B- 2.48
C- 2.79
D- 3.19
E- 3.72
F- 4.46
G- 5.58
H- 7.44
so tell me this????....even without the tote taking a cut the tote must give back punters at least $1.00 for horse A running a place, but its only paying 89cents! does the tote lose on the race???

cheers,
noel

[AssumeTheCrown]

Good Question Noel.

What would happen in this scenario would be that a place dividend of $1.00 would be declared for the runner carrying 25 units since 1/3 of the 67 unit pool is 22.33 which would result in a payout of less than $1. That would then give a pool of 42 units (instead of 44.66)to be split among the other 2 placegetters which would mean that the dividends on the other runners would become slightly less than what you have listed(2.33,2.63,3.00, etc). This is on the assumption that no commission is taken out.




<font size=-1>[ This Message was edited by: AssumeTheCrown on 2004-08-09 15:56 ]</font>

[Mark]

...and that is exactly how that American punter beat the NSW Tab a couple of years ago when they guaranteed a minimum div of $1.05 (I think, or $1.02). When they refused to pay he took them to court and won.

[Shaun]

if i remember correctly was on a dog race or something....basicly they invested so much money that they owned the pool.......and had to be paid thier money plus extra that was not there....something like this

[captain charger]

Mark,it was a Canadian on qld.'s Unitab,think it was only last year,the result now is $1.00 returns.

[Mark]

Thanks Captain, I couldn't remember the details, just know that it was a matter of how much he won. Speaking of place divs, anyone notice Roadagain paid $1.00. It started at 9/10, must rank as the worst place value ever. You come to expect it when they start at say 1/2 or shorter.

[AssumeTheCrown]

The sting you are refering to was on a greyhound race at Wentworth Park and was placed on the Qld tab 18 seconds before the jump. They bet a total of $730,000 for a collect of $910,000 (a profit of $180,000).

Although the syndicate had the odds in their favour, their win was definitely not guaranteed. They took advantage of the TAB's money back rule(place dividends of less than $1.00 paying $1.00)and outlayed $350,000 on the 1st and 2nd favourites and $5,000 on the other 6 runners. These bets were placed via a phone account and close to the jump so other punters could not take advantage of the distorted dividends. The syndicate were lucky that both the 2 big bets ran a place because if they had both missed the place they would have lost about $100,000 and if only 1 had run a place they would have still won about $40,000.

The final place dividends in the race were $1.00 for the 2 favourites and the other 6 runners were paying about $42.00.

The sydicate were eventually paid the money which they deserved and the Qld TAB have since changed their rules.

[kenchar]

I LUV IT

Reminds of when GEORGE FREEMAN went to Hong Kong. :smile:

[Mark]

K man

What was that story?

[kenchar]

Mark,
S##t me and my big mouth, I knew someone named Mark would ask that question.
I can't remember the exact details but was told to me by lets say a close associate of Freeman.
It was in relation to exotic betting and they found a chink in the armour.
The story I was told was that they made an absolute killng and after that the rules were completely changed.
The interesting part of it though was there was no FORM only mathematics :grin:

[Mark]

hoh me rikey velly much.

:lol: