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Originally Posted by Danzig
the bet money doesn't get paid out to all the winning bettors? isn't that how they decide the odds? other than the takeout of course...
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Yes, it does. That is why if you restrict it to 23 horses you want to include the 23 most likely to take money regardless of whether they are nominated. Otherwise the field entry winds up taking too much money and people won't bet it at the low odds.