11th April 2012, 12:28 PM
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Member
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Join Date: Jan 1970
Posts: 4,366
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Actually I emailed you last week, this explains why you probably didn't receive it.
You are correct, something is going on.
BFSP turnover has not increased substantially over recent months according to my records.
Neither has it decreased substantially.
There is only one conclusion that can be made from the market percentages, but I'm reluctant to expand.
Suffice to say that I always wondered why layers weren't given the option to lay to payout x amount rather than liability.
Liability, unless you can calculate exactly, means that you are always over exposed on certain runners.
This in turn gives "a third party" opportunity to match the overexposure and then take any old price about outsiders up to and including 100% market.
Without getting too technical, the end result is that horses over a certain price have all been pushed higher, while the overexposed horses remain in the same ballpark.
The average market percentage on Australian races was in excess of 103% six months ago. This has vanished like magic without any turnover variation.
In fact they are now paying below 100% in most cases.
Two other members on this forum are wise to the caper as are a select few on the BF forum.
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