Translation “blatant theft applies” because it is the most ridiculous rule in horse racing ever, consider this you see a horse going at a reasonable price you think has a chance of coming in each way so you place a bet on it £10 each way at 25/1, later you find out the horse has come in third gaining you the win at 1/5th of the odds based on that race. So that would be a £60 return, however rule 4 applies and you only recieve £40. Ordinarily this might not be such an issue if the horse had improved significantly as a result of changes in the race (although that completely defeats the purpose of taking the odds surely? And if rule 4 applies when you take the sp which means you get the odds that the horse races at and you’re still penalised then it is in definitive terms theft as you have taken absolutely no advantage of taking the odds.)

However in my case I took the odds of 25/1 and the horse raced at 40/1 so I was already penalised for taking the odds, the gamble you take for taking the odds you would think which covers any drifts you might gain in advantage as equally there are those to your disadvantage, however rule 4 applies and because you took the early price you are penalised X pence to the £ on your bet. So had I not taken the odds I would have recieved a whopping £80, however having taken the odds I should have recieved £60 sadly due to rule 4 an additional 30p was stolen to every £1 I waged so I only recieved a return of £40 which is a sad state of events in anyones book and blatant theft of £20 or if you consider other bookkeepers do provide deals where you get the SP if it is better than the odds you take a theft of £40 from me by ladbrokes (where better bet would have returned the full £80)

I feel this rule should not apply to horses where the odds lengthen, only when they shorten at best otherwise it is definitive theft in anyones book.