Why would they bother taking bets & then laying them off on the tote?

Hi, Pelican.

I've located the website - thanks. However, I cannot see where they claim to give the best place dividend paid by the three TABs.

Apart from a statement that reads "dividends paid out at the Home Tote", I cannot locate any other information about their dividends.

[quote]
On 2004-04-28 15:57, Mark wrote:
Why would they bother taking bets & then laying them off on the tote?

Mark: Bookies have been doing this for years to round off their books. In the case of IAS then it because they can have an affect on the smaller pools of UniTab, as against those of SuperTab, by 'betting back' into those pools and by so doing reducing their liability, i.e. after the tote takeouts, there is $20,000 to be paid out to winning punters - a horse is currently showing a $10 return, however by 'betting back' $500 into that pool then IAS reduce the payout dividend to $8.20 and thus probably a lot more than $500 in their liabilities.

[ This Message was edited by: La Mer on 2004-04-28 17:04 ]

michaelg
They definately bet best tote the place.Not sure why its not on their site.

Pelican is right, Michael.

I have just found it myself.

Go to the top of the home page of the site and click on "Help". When that screen comes up go right down to "Betting Rules", and from there way down to "Racing". It is all there --- but be careful that you read it with attention :wink: There is a lot of detail there! I know I'm in for a bit of study!!

Hi, Pelican and Merriguy.

Thanks for the information. I will certainly check it out.

Sorry to b a "Partypooper" again but I can't even find who you are talking about, i.e. best place divi can you b a bit more specific? I am particularly interested in this as my "income" now depends largely from place bets

La Mer
I like to think I'm pretty good with numbers/odds etc & in my business I lay & make bets for a profit. It obviously makes sense if you've laid something then can back it longer to do so, or if you've backed something then can lay it shorter. But to back something on the tote and then still have to pay out at a higher price (5%+) makes no sense. So if he backs something on the tote, it's at a compounded loss as he still guarantees to pay a better price. If you could give a numerical example that would be appreciated.

Mark,

The difference is the the person holding the bet is paying out according to the tote price. If he is holding $10,000 in bets and his exposure is greater on a certain horse than he would like (one big bet), he can bet $5,000 into the tote pool to bring down his eventual payout and actually firm or ease certain horse prices on the tote.

It's a bit like dutch betting in reverse.
I'm sure that the big players have software which calculates exposure given pool size and odds, just like a dutch betting calculator.

Here's a small example:

Let's say a tote pool is hypothetically $148,000
The favourite is showing $3.60.
I'm holding $10,000 in bets on $3.60
But I'm only holding $4,000 on all other horses in the race.
If the horse wins I have to pay out $36,000
If I bet back $5,000 into the pool the new dividend becomes $3.30 or thereabouts.

So instead of having to pay out $36,000 I have to pay out $33,000 but also win back $11,500 for myself in bets (profit), so my exposure has gone from payout of $36,000 on horse A to $33,000 less $11,500 in winnings, so $21,500 exposure.
Betting back into the pool, I've saved myself $14,500 in payouts and still win $5,000 on that horse if it loses.



[ This Message was edited by: Chrome Prince on 2004-04-29 11:55 ]

Chrome, this example would mean a minimum of a 35 horse race, but i suppose its hypotetical.

Yeh Pelican or anyone else who would know i would greatly appreciate if you could give us the name of the best place tote site. Either on this thread or to my email adress at six_t_ninda@hotmail.com

cheers ED