Chapter 11 · Worked solutions
Chapter 11 workings: Small Print That Costs You Money
Chapter eleven worked: settling an each-way second, a Rule 4 deduction on a winner, and a dead heat for the last place with Rule 4 on top.
Order matters when rules stack. The sequence used here, and by settlement teams, is: work out the place terms, apply any dead-heat reduction to the stake, then any Rule 4 deduction to the winnings, then add back the surviving stake.
The exercises
£10 each way at 12/1, second of ten
A £10 each-way bet at 12/1 in a ten-runner non-handicap; the horse finishes second.
Terms
Eight or more runners in a non-handicap: three places at a fifth of the odds.
Win part
Second is not first: the £10 win stake is lost.
Place part
12/1 ÷ 5 = 12/5. Return £10 × (1 + 2.4) = £34.00.
The answer
£34.00 back on £20 staked, a net £14.00.
£20 at 6/1 with a 25p Rule 4
A £20 win bet at 6/1 is hit by a 25p in the pound Rule 4 and wins.
Winnings
£20 × 6 = £120.
Deduction
£120 × 0.75 = £90.
Return
£90 + £20 stake = £110.00.
The answer
£110.00.
£5 each way at 20/1, dead heat for third, 5p Rule 4
A £5 each-way bet at 20/1, eight runners, dead-heats for third; a 5p Rule 4 also applies.
Win part
Lost.
Place odds
A fifth of 20/1 is 4/1.
Dead heat
Two horses share the last place, so the £5 place stake is halved to £2.50.
Winnings, then Rule 4
£2.50 × 4 = £10.00; less 5p in the pound = £9.50.
Return
£9.50 + £2.50 = £12.00.
The answer
£12.00 back on £10 staked, a net £2.00.
Related on this site
These are the workings. The argument for them, and the exercises themselves, are in chapter 11 of the book, Small Print That Costs You Money.
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