CP

Thanks for that, but a couple of variations for you.

Horse shows $3.60 for place therefore IAS would pay $3.78 (+5%), so payout is $37800 not $36000.
Bets back $5000, now paying $3.30, IAS to pay $3.46. (This is what I'm getting at, backing a horse at $3.30, & laying it at $3.46 as part of the same bet, to reduce the exposure???.)
I understand that the original exposure was a potential loss of $23800 (hold $14000 less pay $37800), new exposure $8300 (hold now $9000, less pay $17300), BUT the hold is down $5000 therefore lowering potential profits. So what has happened is loss limited by $15300, and profit lowered by $5000, effectively a place bet @ $3.06 ($15300/$5000), on a horse showing $3.30.

Mark Read is in the bookie business to make $$$ & you can't make $$$ if you're not holding $$$. I guess it's not that simple because with a win market, if you have too much exposure on one horse you can extend the prices on others to try to cover it, but betting the place based on bettering the TAB you can't adjust prices.

Even paying over the TAB place dividends gives IAS a huge % advantage.