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Asked the same question and was told this explanation.
I explained to them how silly it was to not allow people to place a multi on the two biggest races this spring - but in saying that, corporates also seem to be doing the same thing.
IAS have a Geelong Cup/Melbourne Cup same horse market with Gatewood at $17 (so he has to win both races)
If you put Gatewood together manually (in a multi, from both markets) you get $3.20 (GC) x $21 (MC) = $67.20
I have just been told that the odds are correct by their traders - now can someone explain to me how my calculator is so far off?
Effectively you are getting $17 for him in the melbourne cup, assuming he has won the geelong cup.
I explained that badly but whatever. Why wouldn't you just take the $21 for the melbourne cup then?
edit #4 i have NFI whats going on
At best only one of those horses will get in the Cup and then he has a 1 in 24 chance of winning the MC - good odds none of the options will win.
I tried to explain to their customer service person, the exact same thing - ie just take the $21 for the MC - but they were as thick as two bricks!
Then again you can back Gatewood with any other runner in the MC, ie Dunaden and get proper odds, ie $21 for the multi
corporates make money hand over fist with these bets -they must love all the suckers who think they can pick a result weeks in advance
it will usually say either "WIN BET ONLY" OR "SINGLE BET ONLY" etc