New Posts For Thread: Place betting calculations anomalyhttps://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomalyIf you backed a 4/1 chance ew in a race which paid 1/4 odds a place, you would get 1/1 for the place bet. If your pick was involved in a three way dead heat for 1st place, the win part would work out at 4/6, while the place bet would be 1/1. One of tI put up the 4/1 dead heat example as it seems to mathematically favour the place over the three way tie, when it seems they should be the same. For what it's worth, this 'anomaly' exists for all prices below 8/1, then works the other way above thathttps://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416914#420416914I put up the 4/1 dead heat example as it seems to mathematically favour the place over the three way tie, when it seems they should be the same. For what it's worth, this 'anomaly' exists for all prices below 8/1, then works the other way above thatTue, 02 Mar 2010 05:14:30 -0600If you take an x horse race where the true decimal odds of eaxh horse is x and suppose there are p places available then the true decimal odds of each horse being placed is x/p. If p horses dead heat for first place then win bets will be paid out athttps://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416866#420416866If you take an x horse race where the true decimal odds of eaxh horse is x and suppose there are p places available then the true decimal odds of each horse being placed is x/p. If p horses dead heat for first place then win bets will be paid out atTue, 02 Mar 2010 01:57:44 -0600Why is it an anomaly? You are betting on different outcomes so why do you expect the payouts to be related? In your scenario, the horse has placed, so a full payout from the place bet, but it hasn't entirely won, so a partial payout from the win bet.https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416858#420416858Why is it an anomaly? You are betting on different outcomes so why do you expect the payouts to be related? In your scenario, the horse has placed, so a full payout from the place bet, but it hasn't entirely won, so a partial payout from the win bet.Mon, 01 Mar 2010 23:36:15 -0600Ken, I know you like to explore different angles, but is there a situation where you were looking to apply this. I'm presuming that a three way deat heat win wasn't your full motivation?https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416818#420416818Ken, I know you like to explore different angles, but is there a situation where you were looking to apply this. I'm presuming that a three way deat heat win wasn't your full motivation?Mon, 01 Mar 2010 13:35:39 -0600Thank you for the replies.https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416810#420416810Thank you for the replies.Mon, 01 Mar 2010 13:01:23 -0600If there was a deadheat in a 7 runner race, place terms 1/4 1-2, the win would pay 6/4 and the place would pay evens. The example given is an anomaly in an imprecise cover all method, as pointed out by Hayden.https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416806#420416806If there was a deadheat in a 7 runner race, place terms 1/4 1-2, the win would pay 6/4 and the place would pay evens. The example given is an anomaly in an imprecise cover all method, as pointed out by Hayden.Mon, 01 Mar 2010 12:07:03 -0600HAYDEN is entirely correct above. Thinking of the win part as paying 4/6 is misleading. It has paid 4/1 on 1/3 the stake. Just consider an even money shot in a three way dead heat. What odds have been returned then?https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416802#420416802HAYDEN is entirely correct above. Thinking of the win part as paying 4/6 is misleading. It has paid 4/1 on 1/3 the stake. Just consider an even money shot in a three way dead heat. What odds have been returned then?Mon, 01 Mar 2010 11:50:53 -0600Mathematically the triple dead heat has to be correct as 1/3rd stake as opposed to any other method of calculation such as 1/3rd odds etc is totally correct , the anomaly you're seeing is entirely due to the default place terms mentioned and the besthttps://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416798#420416798Mathematically the triple dead heat has to be correct as 1/3rd stake as opposed to any other method of calculation such as 1/3rd odds etc is totally correct , the anomaly you're seeing is entirely due to the default place terms mentioned and the bestMon, 01 Mar 2010 11:47:50 -0600If the true odds of the 4/1 shot to place was evens, the odds(for example)on it finishing second would be 5/1 and 13/2 for third.A £100 place bet is infact £40 to win ,£33.33 to finish 2nd and £26.67 to finish 3rd. Having some of your money at 5https://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416794#420416794If the true odds of the 4/1 shot to place was evens, the odds(for example)on it finishing second would be 5/1 and 13/2 for third.A £100 place bet is infact £40 to win ,£33.33 to finish 2nd and £26.67 to finish 3rd. Having some of your money at 5Mon, 01 Mar 2010 11:45:41 -0600There's nothing wrong with the maths kenilworth tbh and both are correct , think of it as two separate columns for win & place and the percentages should make perfect sense , the thing that never makes consistent sense these days is the default placehttps://community.betfair.com/general_betting/go/thread/view/94082/23524882/place-betting-calculations-anomaly?post_id=420416786#420416786There's nothing wrong with the maths kenilworth tbh and both are correct , think of it as two separate columns for win & place and the percentages should make perfect sense , the thing that never makes consistent sense these days is the default placeMon, 01 Mar 2010 11:34:06 -0600