My point was that serious punters betting for the win don't restrict themselves to 120% betting markets. They are outrageous. Top fluctuation bookmaker odds, particularly in Melbourne and Sydney, are regularly far superior - particularly for the horses most likely to win.

TF markets are consistently below 120%. They can often be below 110%.

For example, the last at Sydney on Saturday. The TF market was 105%. If I liked Lotteria, why would I accept $1.80 on the tote like hundreds of tote punters when $2.00 was available with the bookies? That's making 25% more profit.