price of 'place' VS price of winning the racing

[silly.patrick]

I think these 2 prices of same horse are closely related, right? But I find that for some races, even though the prices of winning for horses are the same, the one for places are different (say 3.3 vs 2.8 vs 3.05) anyone here has any reason for this? .. PS: I am new in PL especially in horse racing, hello all :nana

[slapdash]

Re: price of 'place' VS price of winning the racing :welcome to PL, Patrick. I take it you're referring to Betfair prices? Let me just give you two rather extreme examples, involving races with 8 runners. In one, all the horses are equal, and have win prices of 8.00. Then each horse would have a 3 in 8 chance of being placed, so the fair place price would be 2.67. In the other race, there is a "superhorse" at odds of 1.10 to win, an "average" horse at odds of 8.00, and six horses with broken legs, at huge odds. Then the "average" horse is almost sure to come in the first two, so the fair place odds would be very small. OK, this is an extreme example, but it shows that the place odds should depend not only on the win odds of that horse, but also on the odds of the other horses in the race.