[quote]
On 2004-04-29 10:30, Mark wrote:
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: Chrome Prince's examples are what I was on about - I've been a little busy over the last 24 hours and just got back to your response, so he beat me to the punch, but his was a very good example.

You mention Read as being a bookmaker, and while that is true in a literal sense, he was, is and always has been an arbitrager first and foremost, which has been the secret of his success over the years because of his attitude of reducing risk at all costs - nothing has changed, better to fore-go a little of the potential profits and stay in the game.