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Similar place terms are usually applied to greyhound racing. You will note the reference to handicap and non-handicap races above. In handicap races horses are allotted specific weights to carry based on previous performances, with the best horses carrying heavier loads in order to encourage closer finishes. Famous races such as the Grand National and the Melbourne Cup are handicaps and many bettors place each-way bets on those races, given the high number of runners and unpredictability involved.
Always keep an eye out for late non-runners as this can alter the odds at the last minute. When placing an each-way bet you are usually looking for a horse to place in the top two to four positions depending on the number of runners.
There are 10 runners in the race and the each-way bet terms offer one fifth of the win odds for a place. Of course though, the risk is greater there. You reduced your losses but are still out of pocket. Away from horse and greyhound racing each-way bets can also be placed on sports such as football, golf, tennis, cycling and Formula 1. In football, there are only two participants in a game, so each-way bets are generally made on a league or tournament.
Enough to pay for a decent celebration! Whether it is or not will be down to the shape of the race. Bookmakers hate these races and manage punters who bet on them, either cutting stakes, applying SP only or refusing bets altogether. If you do your betting online this will be automated restrictions they set up for limiting bets on bad each way races.
In the shops, you have a better chance of getting bets on if you are not overtly abusing the positions. Profit alerts are sent to the shops daily for staff to restrict bets manually. Not exclusive but as a starting point 3 factors that can make the betting shape of the race a bad each way betting race. The easiest way to verify you have found a bad each way race and a runner with a better chance than its place odds is to cross-check with the place only markets on one of the Betting Exchanges.
Converting these odds from fractions into decimal odds so you can compare the price available on the Betting Exchanges. From the image of the prices on the Betfair Exchange for Fraser Island to place you can see the back odds are 1. Convert fractional odds to decimal odds. Unless you are confident that the win price is better than the true chance of the win then this is not going necessarily going to be a profitable strategy.
Where you can obtain positive place odds versus their chance, it becomes interesting when you start combining these selections in multiple bets. The place part of the bet if both selections place is 1. Using the Betfair place only odds for Fraser Island as an example, the true place double chance is 1. So for two horses to place you are getting 1. This is a value betting opportunity. To be successful, both horses need to win. Not enough to get back the losing part on the win double. As a place double 1.
Enough to cover the losing win unit stake and make a small profit on the bet. Expand this further, combining three horses with place odds of 1. This makes the place treble a profitable bet even if the win part of the each way treble is a loser. So you can structure your bets in bad each way races to benefit from advantageous place terms.