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Does anybody remember when the place terms were revised a number of years ago? The bookies would only pay 1/6th of the odd for a place if the favourite started at odds on. I have no idea how long this lasted but there was uproar at the time...it could have been late eighties maybe...just wondered if anyone remembered this and when did it change.
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When I was a kid, my aunt gave me a diary she got from the bookmaker she had an account with. In the back was a ready reckoner for working out returns. For the place part of each-way bets, it was one-third odds for 6,7 runners; one quarter for all other races. So to answer your question - it was some years after 1960!
AS ged says ...
PLACE Terms used to be One THIRD the odds - 6 or 7 Runners - First 2 Places only
One QUARTER the odds for ALL other races - 3 Places.
Then they introduced 5 runners to the One THIRD the odds Fist 2 Places field.
THEN -
They changed the NON- HANDICAPS Terms to One FIFTH odds ....because -
There were by FAR MORE 'Bad Each-Way races' in those days....
AS - unlike today's 2-yr-old races, which are mostly MAIDENS at Starting - and Novice Hurdles, which are often MAIDEN Hurdles - in 2-yr-old races, in those days - previous winners could run carrying a penalty(ies)...
Imagine the PLACE liabilities when the likes of Timeless Times, Spindrifter, Provideo and Nagwa were running up winning sequences of a dozen races - but mostly starting at odd ranging from 2/7 to 1/7.
In order to compensate for the introduction of one FIFTH the odds in NON- Handicap races - at various stages the PLACE terms in other races were then increased ...
Such as One QUARTER the odds first FOUR in HANDICAP races of 16, or more, runners - when previously there had to be 22 runners for first FOUR Places.
Inevitably - the One FIFTH the odds was THEN introduced/extended for HANDICAP races TOO, of LESS than 12 runners.
Later the One THIRD odds first 2 places was REDUCED to One QUARTER odds - along with a broad rule that 'Less than 5 runners - Place Stake goes on to WIN'
- whereas, BEFORE, in such circumstances the PLACE Stake was quite CORRECTLY RETURNED to the Backer - as the PLACE part was what the BACKER intended.
PLACE Terms used to be One THIRD the odds - 6 or 7 Runners - First 2 Places only
One QUARTER the odds for ALL other races - 3 Places.
Then they introduced 5 runners to the One THIRD the odds Fist 2 Places field.
THEN -
They changed the NON- HANDICAPS Terms to One FIFTH odds ....because -
There were by FAR MORE 'Bad Each-Way races' in those days....
AS - unlike today's 2-yr-old races, which are mostly MAIDENS at Starting - and Novice Hurdles, which are often MAIDEN Hurdles - in 2-yr-old races, in those days - previous winners could run carrying a penalty(ies)...
Imagine the PLACE liabilities when the likes of Timeless Times, Spindrifter, Provideo and Nagwa were running up winning sequences of a dozen races - but mostly starting at odd ranging from 2/7 to 1/7.
In order to compensate for the introduction of one FIFTH the odds in NON- Handicap races - at various stages the PLACE terms in other races were then increased ...
Such as One QUARTER the odds first FOUR in HANDICAP races of 16, or more, runners - when previously there had to be 22 runners for first FOUR Places.
Inevitably - the One FIFTH the odds was THEN introduced/extended for HANDICAP races TOO, of LESS than 12 runners.
Later the One THIRD odds first 2 places was REDUCED to One QUARTER odds - along with a broad rule that 'Less than 5 runners - Place Stake goes on to WIN'
- whereas, BEFORE, in such circumstances the PLACE Stake was quite CORRECTLY RETURNED to the Backer - as the PLACE part was what the BACKER intended.
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