This is where we miss old Mac whatever his name was. He would have disgraced them on TV
As Grendel stated, the numbers are shocking and they get worse in the big field handicaps.
Part of the reason is the each way betting. Under Tattersalls rules, bookmakers are mandated to pay four places at a quarter the odds in handicaps with sixteen or more runners as a minimum.
Almost all of the layers now offer loads of extra places but at the same time they reduce the place fraction to a fifth or a sixth the odds. In doing so, they create the potential for having to pay out loads of winning bets on ‘placed’ horses. So what they do is reduce the win odds of the fancied horses so that people backing them each way will ‘win’ next to nothing or lose money if they place. Also, some of the outsiders that might once have been 25/1 in a win book will only be 16/1 in an each way book.
In the Stewards’ Cup, the over round percentage on the SP was 154% and the first six in the betting were single figure prices from a field of 27.
Goodwood 3.45: 16 runners (4 non-runners) it was 150%, first four single figure prices.
Goodwood 4.55: 16 runners (2 non-runners) it was 148%, first five single figure prices.
Goodwood 1.55: 14 runners (no non-runners) it was only 125%, first five single figure prices.
Thirsk 3.25: 14 runners (no non-runners) it was only 128%, half the field single figure prices.
Another part of the reason for over rounds rising generally (it was 114% in the eight runner listed race at HQ) is the changes to the tax system, with bookmakers now charged 15% on profits whereas originally it was 10%/9% on turnover (remember the days when you could pay the tax up front or have it deducted from your winnings?). The government is looking at raising the duty level to 21%, harmonising with the online gaming rate.