I reckon the bookmakers could put up any price they liked about a race with regards to the majority of punters. They need prices to protect themselves against the few clever dicks who know the score.

Nobody really knows what the odds are about a horse winning, and that includes the bookmakers. They just aim to take a percentage of the book. Having seen bookmakers interviewed on the TV they don't seem to care whether a horse is percieved to have a chance or not. They just want to take as much money as possible and when they have enough they shorten it and push another out to get some cash on that. Lets face it if they aim to make 10% on the book then 10% of $25,000 is better than 10% of $10,000.

There was the ridiculous situation earlier this summer at a meeting where the bookies were losing hand over fist as all the favourites were winning. It was the last race and they wanted to get the favourite beat and were pushing the price out.

On the other side of the coin there were the big four bookies who operate chains of shops on a national scale and they had huge liabilies on the last race with lots of combination bets running onto the favourite. They were sending money to the track to shorten the price by backing other runners. As soon as the price shortened the course bookies were pushing it out again. It was constantly see-sawing between 2/1 & 9/4.

I also have a feeling (no proof) that each race priced up includes a bogey horse. That is one that is a lot shorter than it should be. This would have two effects. A lot of Punters rely heavily on the price to make their choice and it would allow the bookie to make the prices on some of the outsiders appear more generous.