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.