[QUOTE=michaelg]Every time I have an accident my payout is $33. I think we'll have to agree to disagree.

QUOTE]

There's no argument to be had MG, liability and payout are not the same.
Imagine you're a bookie, which is what laying is about and somebody wants to have $1 @ 33/1 or $34. The bet is 33 - 1 and $34 appears on the ticket. The risk or liability is $33 and the payout is $34. Yes you're liability is always $33 but you also give back the $1 bet you're holding. If this was not the case then you would not receive the $1 when the horse loses. Same if the horse was even money and the punter wants $33 on. The bet is $33 - $33 and $66 appears on the ticket. The liability is (still) $33 but the payout is $66. So when it loses you receive $33. You have to look at it that before the race is over you have written a bet to risk $33.
If that doesn't explain it have a look at any of your bookie accounts (I'm assuming you would have some). When you have a $1 bet on at 33/1, $1 is removed from your account until after the race and if it wins you receive $34. Your balance goes up by $33 however the bookie has paid you $34.