i remember when TAB first started in Tasmania. I was working with a Postie (we are postoffice people) in a nearby town and he liked to punt.
One day not long after the TAB started he placed $40 to win on a horse (around 1977). The tote was about 150 yards away so he walked down put the bet on and came back to work and sneaked the race on the radio.
the horse won. The postie walked back to the tote to pick up his winnings.
He was paid $40. yes that's right after backing the winner all he got back was his original money.
the tote over here struggled in its early days and after taking its share of the pool and most money being on the winner the punter got back his original stake.

also reminds me of the days when i used to go to the dogs in the 60's
you could bet with heaps of bookies or on the course totalisator.
often a tote place bet of five shillings would return 2/6 which is half what you put on even though you dog might have won or finished second.
so for winning you got back half your money.

you think its tough these days but boy back in those days you were on a hiding to nothing.

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laurie