I am keen to get some idea of the value of a second placing compared with a win. Looking at win and place percentages I have come to the conclusion that a second is about 70% of a win. On the other hand, prize money allocated by race clubs gives a second place about 30% of the winner's prize. Then again, assuming an average of 10 horses per race then 90% appears to suggest itself. I would appreciate any thoughts on this.

John

If you look at a 3-2-1 rating scale then second is worth 2/3 or 67% of a win.

Thanks for this reply because it confirms my calculations which actually gave me 68%. Does this also mean that a third is 4/9 (2/3 times 2/3) of a win? By the way, what exactly is a 3-2-1 rating scale?
John

A 3-2-1 rating scale is used a lot. An example is the brownlow medal count in the AFL. Best on ground gets 3 votes, 2nd best 2 votes and 3rd best 1 vote. With this scale 3rd is the equivalent of 1/3 or 33% of a win.

Some rating systems give the winner more points eg. 4-2-1 or 5-2-1 which would weight the winner more so. 2nd to 1st would be 50% and 40% respectively.