Party,

When Mark Read provided his ratings to my local TAB I was showing a profit betting to prices.

Over about 100 races I was showing a POT of 5%. Out of interest I hypothetically bet on the same 100 races with level stakes. In spite of Don Scott's urgings not to bet this way the POT was almost unchanged. So I always assumed this would also apply to Place betting.

However, I've now done some calcs, which suggests that betting to prices increases the POT on a winning Place system, but conversley also increases the LOT on a losing system.