Overwhelmed by your responses, thanks heaps.
The reason behind my interest, is I've been running the bot for the past week on a Lay the Place ~ Aus markets, an old system of Bhag's from 2011. It's been a little beauty, although not so good on the UK races.
I've never taken much notice of the BF Place market for Laying before, due to the low turnovers.
Bhag's scheme works the underlays it seems, but determining what's an under/overlay in the Place market is the conundrum? For the longshot layers there would appear to be good value in this market from the point of view of achieving your 10% of Bank quickly, if that's your target given you might be a "Seven Squared on Speed" follower. (hint, hint...Speedy)

I think Beton & CP's tact of basing stats on past performances rather than some mathematical formula is the safest bet?
Cheers, and remember, Have a Great Day! RP