If you play the placepot (or jackpot, quadpot or any other multi-race pool bet), you'll know the joys and frustrations of the bet. On the upside is the chance to cop a very tidy sum for a modest investment; flip the coin and you'll get back less than you laid out or, quite often, miss by one leg (usually, though infuriatingly not always, the trickiest one).
How we used to play the placepot
For me, aside from those Kiplingesque "twin impostors" joy and frustration, bets like the placepot - and especially the jackpot - are a fantastic puzzle. The challenge is always to 'win twice': first, we have to correctly identify the winner/a placed horse in each leg; and second, because of the pooled nature of the wager, we have to occasionally go where the masses shun. We have to find a race (or two) where the winner and/or the horses in the frame are less obvious and, therefore, less endowed by tickets in the pool.
This, clearly, is tricky in the extreme with a single line running through six races. As we include more selections race to race so the multiplication gets more daunting and the dilution of our stakes makes for a less rewarding potential return... unless we hit that glorious home run whose increasingly distant and rose-tinted memory keeps us coming back for more in spite of the evidence from the interim.
The thing is, when we hit that wonder score with a caveman* ticket, we got lucky. Massively lucky. And, let's be clear, day to day we always need luck during the sextet of races. But I know how unsophisticated I was when I bagged my biggie...
I'd played a two horses per race combination: 2 x 2 x 2 x 2 x 2 x 2 = 64 bets, at 10p per line. It was Ripon and a friend of mine, Gavin Priestley (with whom you may be familiar from his excellent Festival Trends work) and his brother Gary, also a pal, had three betting shops in the Torbay area. They offered early odds based on a tissue (set of prices) they paid for.
Anyway, the opening race this day at Ripon was a maiden and there was a 'springer' in the market on their tissue, but generally offered at long odds elsewhere. As it turned out, he returned much shorter - probably close to single figures though I don't exactly recall. He finished second, with unfindable horses immediately in front and behind, and the placepot pool was decimated by first leg casualties. Actually, more than decimated: there was only about 2% of the pool left, according to teletext.
The rest of the card went far closer to expectation but the dividend still returned £6876.30 to a £1 stake. I had managed to hit four of my 10p lines (one each in four legs, two apiece in the remaining pair), so copped for 40p of the payout, or £2,750.52. I was a student on summer holidays at the time, and you can imagine the disco we had that night!
*caveman ticket: a bet where no thought has gone into the staking, and all selections carry the same chunk of your wedge regardless of being odds on or 20/1.
Why we shouldn't play placepot like that
That sublime payoff came in, I think, 1993 when I was 22 years old (I went to uni a little bit later as I'd worked in a Job Centre for a while beforehand). Thirty-something years have since passed and I have never got especially close to reprising it. Now, it should be said that a fair number of years ago I changed my staking approach and in so doing have narrowed the range of possible outcomes: in plain English, I'm using smarter staking that places more of my bunce on more likely combinations and less of it on those Hail Mary plays. In other words, I'm doing it better these days.
The harsh reality is that, although I copped for a bigg'un during my formative punting years, that approach generally returned zero or something close to zero. It was a conveyor belt of famine punctuated by the occasional 'happy meal' and one enormous episode of all-you-can-eat gluttony. The reason I remember it is because it was a monstrous outlier.
Candidly, and without wishing to be a fun-sucker, I had significantly over-staked on an outsider in that wager. I can't remember what price the other horse in that race was but it would have been the jolly, or at worst the next in. Let's be generous and say it was 4/1 with the other one being 16/1 (again, I don't remember the detail but this is illustrative enough). In that situation, I had the same stake (half of the entire bet because it was leg 1) running on to a pair of horses, one of which was four times more likely to make the frame than the other!
Let me emphasise this point with more real world numbers. Let's suppose for a moment that we're playing the jackpot - so we don't have to calculate place odds - and that in a fictional sextet of races, we play the 2 x 2 x 2 x 2 x 2 x 2 = 64 bets combo on horses priced at evens and 2/1 in each of the six legs.
The market reckons the chances of all of the even money shots winning is 63/1 (2 x 2 x 2 x 2 x 2 x 2 = 64), or about a 1.56% chance.
But what do you suppose the odds of all the 2/1 shots winning are?
The math is simple again: it's 3 x 3 x 3 x 3 x 3 x 3 = 729 (or 728/1). That's about a 0.14% chance!
So you can see that including a lot of 16/1 shots in a placepot, or 10/1 shots in a jackpot, is at best extremely inefficient; and at worst, the punting equivalent of death by a thousand cuts.
Key takeaway: not all horses have equal chances to win or make the frame, even if/when we like their chance more than the market does. And so we should not stake every horse in every race to the same amount.
Why we make dumb bets
The maths are unarguable, and I know you know that. Very possibly, like me in the good old bad old days, you're making poor plays on the placepot.
But, as all the best sales copy likes to reassure you, it's not your fault...
They made you do it. Those tricksy tickets with their rows of boxes and handy little multipliers. They practically sleepwalk you into sculpting your rock of punting marble into a pebble of a winning ticket, gradually chipping away what turn out to be quite large chunks of your funds.
Think about that 2x2 through six races. Imagine you get one horse placed and one out of the frame in leg one. You've done half your dough there. Now imagine you had a 4/1 and an 8/1 as your brace on leg 1, and the 4/1 places. Let's say it was a quarter the odds the place for ease of calculation purposes, and we end up back with evens and 2/1. One has a notional 50% chance to place and the other 33% or so.
They should not be staked the same!
The real issue is that this seemingly small error is compounded six times in a placepot or jackpot bet with level stakes: a caveman bet. There's a reason it has that rather unflattering name.
And then there was light
Before too long - and it must have been unimaginably miserable prior - cavemen figured out how to make fire and, with that, light and warmth and cooked food. They never, ever returned to the dark cold raw days that preceded their pivotal discovery.
In its own small way, discovering smarter staking - without the need to do the clunky maths and place the tickets manually (although I did that for a while!) - has made me a smarter staker. Obviously.
If I'm being honest, I play the placepot far too often, even when I have nothing in the way of strong opinions. That hurts my bottom line, but smart staking keeps me in the game just fine. And I love the companionship of a race every half an hour while I'm working in the house alone. It's not just about winning, you know!
However, winning is obviously important. I've been wining a few quid consistently on small stakes jackpot tickets, and giving it back on the placepots because of their comforting side effects. I consider that a more than agreeable trade off. You may not, in which case you'll need to be more discerning with when you play the 'pots. All fine.
But none of us should be playing caveman perms any more. Let me spell it out for you...
How to Make Smarter Placepot / Multi-Race Bets
Until now, Tix, the tool I co-created with the guy who built the vast majority of the geegeez.co.uk racecards, has been a little under-appreciated by 'two by two' players because - I admit - it looks a little daunting on first inspection. It's really not. But I don't want you to just take my word for that, so I'm going to show you.
Smarter Placepot Bets #1: ABCX
Tix features something called ABCX, which is a means of making some horses more important than others on your tickets. It's a lot better than caveman staking.
However, if I really can't persuade you to try a different way and that is your preferrred style, just picking all horses in the 'A' column makes it possible to place your straight perm ticket on Tix - and receive a 5% bonus on any winnings. By the end of this post I hope you'll see there's a better way - which is equally simple.
ABCX allows users to separate their strongest fancies in a race (A) from their warm fancies (B) and their live outsiders (C) - as well as those horses which are not of interest (X). I've produced some video content about it here, and Dave Renham wrote some further content on ABCX here.
It's a great way to differentiate between horses you really like and those you kind of like, or horses that are short prices and those that are longer odds.
But it's not perfect. The staking approach is a little 'blocky' - think Minecraft or Sensible Soccer rather than Grand Theft Auto - so, while it's much better than level staking, it lacks nuance and it doesn't really allow the user to sculpt a ticket to their own preference. Despite that, I still sometimes favour it over...
Smarter Placepot Bets #2: Tix Plus 'Simple'
New in Tix this week is a second framework called Tix Plus. It's further split into 'Simple' and 'Pro' variants, which sit either side of ABCX in terms of ease of use.
Plus 'Simple' really is simple: you pick your stake and your horses and let the software do the rest. That's it.
But what's happening under the bonnet is clever, very clever.
First things first, though. To access Tix Plus, you need to change the 'Betting Mode' dropdown from ABCX to Tix Plus, like so:
Then pick your meeting and pool, and you'll be taken to the RACES tab. For Tix Plus in 'Simple' mode, it looks like this:
Let's quickly talk around this view. At the top are the legs of the bet (R1-R6, races 1 to 6), and just below that is the specific race (AYR R1 13:35, race 1 at Ayr, due off at 1.35pm UK time). On the right of that is another dropdown, currently set to 'Simple'. This is where you can choose the 'Pro' version if you prefer; I'll come on to that shortly.
The main body of the view has saddlecloth number, horse name, a column of checkboxes called 'Inc' (include), and the current odds in decimal. Later in the day (from 9am), the dashes on the right of the screen may include some arrows: a green 'up' arrow means a horse has been supported, a red 'down' arrow means it is drifting.
All columns are sortable and, personally, I tend to sort by odds so that I can quickly see the betting shape of the race.
At the bottom of the view is a summary displaying ticket cost, the total number of possible permutations/tickets, the number of tickets that will be placed and the number which will be 'pruned' (not placed), and the threshold at which that decision will be made.
Let me explain that, but I'll first say that the only thing you must know is that, usually, not all possible permutations/tickets will be placed. That is, there will normally be at least some tickets in the 'pruned' pile.
So what's happening behind the scenes here?
After you've chosen your stake and your minimum unit stake (I suggest starting with 1p for unit stake), you begin to build your tickets. The image below is after I've picked my horses in three of the six legs:
I've set my budget here to £20, and (unseen) I have two horses in R1, a banker in R2 and (visible here) three horses in R3. 2 x 1 x 3 = 6 possible tickets, and all are kept at this stage.
Let's go ahead and fill out the rest of the perm:
So it turns out the second half of this placepot sextet was much more competitive looking than the first. I ended up, for illustration purposes it should be said!, taking five horses in R4, and four each in R5 and R6. The image above shows R6, and my total possible tickets are 2 x 1 x 3 x 5 x 4 x 4 = 480. See 'Original: 480' at the bottom of the image.
But... the software is only retaining 435 of these and is discarding 45. Why, when £20 is plenty to cover 480 bets at 4p per line, is it not covering all permutations?
The answer is because not all lines are created equally. In my leg 3 (see image two up), I have an 8/11 (1.73) shot and a 13/2 (7.5) chance. Clearly the market doesn't believe they have the same prospects of placing, and neither do I. If we move on to the 'TICKETS' tab, you'll see what's happening here:
There's a lot going on in this image, so let's break it down. The main body of the view is dedicated to the tickets to be placed. The table headings are ticket (the selected horses on each ticket), %age (the percentage chance, based on the current win odds, of that ticket containing six winners*), £/line (the stake per line in that ticket), # (the number of lines in that ticket), Total (£/line x #, stake x lines, e.g. in th top row, £0.13 x 4 = £0.52).
I've clicked the little 'i' icon to the left of the first ticket, and it shows the individual breakdown of the four lines contained within it. Clicking the 'i' icon in the header row will open all of these should be curious to that microscopic level of detail!
There is then a 'PLACE TICKET' button at the end of each row. There is also a 'PLACE ALL BETS' button at the top. When you're happy with your bet, you can click that button and all tickets will be placed into the tote's pool.
*it is a little misleading to use win odds on placepots and other place pools as it implies your chances of getting a payout are hugely lower than they actually are. We will amend this in the next version but, for now, the key component is the 'threshold'. So let's quickly discuss that...
Threshold is the point at which two elements collide: your allocated budget running out, and the chances of a combination of horses being successful based on their odds. Basically, if there isn't enough money to proportionately stake all combinations, the software starts with the least likely single line combination of horses (based on their odds) and eliminates that combo. It carries on doing this until there are sufficient funds for the remaining 'kept' bets.
In this example, all bar 35 of the 480 possible combinations have been kept, at a total cost of £19.91. To see the combo's that were pruned, click the green 'Show Filtered Out Tickets' button:
All 45 pruned tickets included the '3' horse in R3. That was the 13/2 shot selected alongside an 8/11 and a 7/2.
The magic here is that, whereas £20 staked evenly across 480 bets would cover every possible pick for 4p, in Tix we have the most likely combinations covered for as much as 13p per line, and 106 different combinations covered for at least twice that 4p base stake.
Naturally, the flip side is that the least likely combo's have less than 4p staked on them, but those tickets - should they hit - will pay a much bigger dividend.
Tix is a realist, not a fantasist. It leans into the most likely outcomes and away from the Hail Mary's whilst still covering a fair number of those long shot bombs (depending on budget and unit stake).
Why is this good, and why is it bad?
Well, the bad news is you're less likely to hit that once in a lifetime payoff... but the good news is that, day to day, you'll get more returns that will keep you in the game longer and you still have the chance of plenty of fat divvies along the way.
Reminder: Tix Plus 'Simple' is choose stake, pick horses, place bet. The clever stuff is completely hands off.
Smarter Placepot Bets #2: Tix Plus 'Pro'
For the architects and sculptors out there, you - like me - can opt to be a little more hands on.
Welcome to Tix Plus 'Pro'!
This really is very cool, and it's the unidentical twin of Tix Plus 'Simple'.
Here's how 'Pro' looks:
The differences are two columns and one row. Columns first.
To the right of the odds/arrows columns are '%age' and 'Book'.
'%age' is a smoothed book percentage including the whole fields. It's done in 5% increments until we get to the serious longshots where 1% becomes the norm. In the example above, we see that Apache Tribe, odds of 1.83 (5/6 fractional) has a 45% %age. You might also note that the %age figures don't sum to 100. This is fine, because the 'Book' figures will always sum to 100.
In this example, we have three selected horses whose '%age' values are 45, 20 and 10, totalling 75. The 'Book' value for the favourite is 60, calculated simply by divided his '%age' by the sum of all selected '%age's. That is, 45/75 = 0.6 or 60%.
The beauty of 'Pro' is that you may overwrite any '%age' figure to emphasise your personal opinions.
If you love the jolly but still want a small bit of cover elsewhere, make that 45 number bigger. If you respect the jolly but feel his chance is over-stated, edit 45 to a smaller number. Below I've changed that %age to 35 and you can see how the division of stakes has changed in the 'Book' column.
By doing this, users can very tightly define the distribution of their budget through the bet.
The extra row appears at the bottom of the RACES view, and it is for 'Unnamed Favourite' (UNF). UNF doesn't show up on the 'Simple' version because it doesn't have a book percentage: we don't know which horse will be favoured, still less what price it will be.
In the 'Pro' view, selecting UNF will remind you to add a %age for it (see below). If you don't, it will simply be ignored. The chosen percentage will then be factored into the 'Book' calculations outlined above.
At the end of the sequence (six legs in this case), you'll again have summary info at the bottom of the view. This time, you can see I've got 459 of 480 possible combinations retained, and 21 pruned. The threshold is also slightly higher, which means my top staked ticket is now 12p per line rather than 13p previously, and I have slight amendments to other combinations. All of that is done in the engine room and is invisible to the user.
But you have ultimate control with Tix Plus 'Pro', so if you want to change things just tweak the '%age' figures in the races where you want that change.
Like I said, this is certainly not for everyone, but for those who want greater control over their multi-race pool play I think Tix Plus 'Pro' is like hitting the jackpot!
The Ultimate 'Smart' - Bonus Payouts on All Winning Tickets!
Tix enables everyone to bet placepots, jackpots and other multi-race tote bets in a smarter way. That already gives you a much better chance of coming out ahead. And, to compound that advantage, all winning tickets placed through Tix benefit from a 5% bonus. Every £100 in winnings get £5 more.
Let's say over a year you staked £2600 through Tix (£50/week, about £7/day), and your returns were £2500, a loss of £100. £2 a week for some daily fun is definitely a price I'd pay! But because of the 5% bonus, that £100 loss becomes a £25 win.
Now, obviously, there's nothing life-changing there; but the point I'm trying to highlight is that the bonus can easily be the difference between winning and losing over time and, of course, if you're a winning placepot punter, you're just going to win more!
If you have a tote account you're ready to use Tix. Go here now to check it out.
Otherwise, you'll need to sign up with the tote first. You can do that here, then go to the link above.
I can't wait to hear how you get on with Tix Plus - and, of course, if you have any questions, just leave a comment below and I'll be sure to get back to you.
Matt