Thankyou for your comments, one and all. Very illuminating.

But cause I'm thick, I still don't see why anyone would pick off a price that has yet to find a mean. Why not just offer a bit more if laying or offer to take less if your looking for the win. Seems crazy to jump the gun. What am I missing here?

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"Not winning on a horse that came first is one thing.....Losing on a horse that didn't come first is something else entirely!!!"