Win and Each-Way
- Standard Coral prices will apply to these markets. However these prices will not have the Best Price Guaranteed (BPG) concession applied to them. In the event of non-runners Rule 4 deductions may apply.
Best Price Guaranteed
- Typically this market will offer slightly shorter prices than the Win and Each-Way markets. However, bets will be settled at the Starting Price (SP) if the SP is larger than the price that has been taken. Each-way bets are available for this market and in the event of a non-runner, a Rule 4 deduction may apply. In the event of a Rule 4 applying to a price taken we will pay at the bigger odds after the Rule 4 deduction has been made.
Betting Without
- This is a win only market in which one horse, generally the favourite, has been removed. A selection will be considered a winner if it either wins the race or finishes second to the horse that has been removed from the market.
Win Only
- This is a win only market, expressed in decimals. The decimal odds will always be equal to or greater than the equivalent Win and Each-Way price. If there are non-runners, a Coral Non-Runner Adjustment may apply. NRA Calculator.
Place Only
- This is a win only market, expressed in decimals, in which you are betting on a horse to finish placed. The number of applicable places for each race will be determined by the number of declared runners and whether or not the race is a handicap (see table below). Non-runners will not affect the number of places. The only exception being where all bets will be void if the number of places is less than or equal to the number of runners.
Number of Declared Runners |
Number of Places |
3-7 |
2 |
8-15 |
3 |
16+ (non handicaps) |
3 |
16+ (handicaps) |
4 |
Coral Non-Runner Adjustments (NRAs) in Win Only and Place Only markets
- Bets placed on the Win Only and Place Only markets, prior to the confirmation of any non-runners, will be subject to a Coral Non-Runner Adjustment, as opposed to a Tattersalls Rule 4 deduction, in the event of subsequent non-runners.
- For both the Win Only and Place Only adjustments, the size of the bet adjustment will be dictated by the Coral Win Only odds at the time of bet acceptance. Subsequent market fluctuations will not affect the adjustments.
- In a bet where the Non Runner Adjustment amounts to less that 5%, Coral will waive the NRA.
- To see how our Non Runner Adjustment works in practice, go to coral.co.uk/nra
- However, if you would like to review more detailed examples of how a Win Only and Place Only NRA are calculated please refer to Appendix 1 (Non-Runner Adjustments ) which are found after section 55.
Appendix 1 – Non-Runner Adjustments
a) The method for calculating the Win Only Non-Runner Adjustment is as follows:
- we scale* our original win only book (at the time of bet placement) back to 100% overround to attain a “BEFORE” price for each runner
- we remove the subsequent non runners from the market
- we scale the resulting book back to 100% to attain an “AFTER” price for each runner
- The NRA for each runner is defined to be the % reduction in winnings required to change the BEFORE price to the AFTER price.
- So NRA = 1-((AFTER PRICE-1)/(BEFORE PRICE-1))
- To apply the NRA to your original odds – subtract 1 from your original odds and multiply this value by the NRA. Subtract the resulting value from your original odds.
- To see how our Win Only Non-Runner Adjustment work in practice, go to coral.co.uk/nra
*Notes on scaling and overround: You can work out the % chance of any horse by calculating (1/decimal price)x100. The overround of the book is the sum of these %s. The revised % chance of your horse in a 100% scaled book is calculated by: (100/total overround of the book)x% of your horse.
The revised decimal price of your horse in a 100% book is 1 divided by this figure, with the answer then multiplied by 100.
b) The Place only markets are more complex than the Win Only market as non-runners don’t usually affect the place chance of each horse in such a uniform manner. We calculate the place non-runner adjustments by using the following method:
- We scale the Coral Win Only odds to 100% overround by the process described in a)
- We derive ‘standard’** place odds from these 100% win odds to give a “BEFORE PLACE” price for each runner.
- We remove the Non Runners from the 100% Coral Win Only book (the BEFORE Win Only prices) and rescale the resulting market to 100%.
- We then derive standard place odds from the resulting prices to give an “AFTER PLACE” price for each horse
- The Place NRA for each runner is defined to be the % reduction in winnings required to change the BEFORE PLACE price to the AFTER PLACE price.
- So NRA = 1-((AFTER PLACE PRICE-1)/(BEFORE PLACE PRICE-1)).
- To apply the NRA to your original place odds – subtract 1 from your original odds and multiply this value by the NRA. Subtract the resulting value from your original odds.
- To see how our Place Non-Runner Adjustment works in practice, go to coral.co.uk/nra
**The actual place odds offered vary by race type, length and other factors specific to individual horses. For the purpose of simplifying the NRA the Standard place odds are derived using an averaged approach.
c) Worked Example of a Win Only NRA:
This is a 4 runner race where Coral are offering the following Win Only odds:
Horse A 3.75 |
Horse B 3.75 |
Horse C 3.75 |
Horse D 3.75 |
When scaled to 100%, the BEFORE prices for each horse become
Horse A 4.0 |
Horse B 4.0 |
Horse C 4.0 |
Horse D 4.0 |
If Horse A becomes a non-runner, and we rescale the remaining horses to 100% overround, we get AFTER prices for each horse of
Horse A 3.0 |
Horse B 3.0 |
Horse C 3.0 |
d) So using the formula in the section c), the NRA for all 3 horses is 1-((3-1))/(4-1)) =1-0.67 = 0.33 = 33%
If you had placed a bet on Horse B at 3.75, then using method described in d) your new odds would be 3.75 – (2.75x0.33) = 2.84
e) Worked Example of a Place NRA:
This is the same 4 runner race as above, with Coral offering a Place Only market for two places. For NRA calculations, we assume that all horses have the same chance of placing as implied by their win odds. In this example, as all the horses have the same chance of winning, the BEFORE PLACE PRICE for each horse would be:
Horse A 2.0 |
Horse B 2.0 |
Horse C 2.0 |
Horse D 2.0 |
If Horse A becomes a non-runner, the system will recalculate the AFTER PLACE PRICE for the remaining horses to be:
Horse A 1.5 |
Horse B 1.5 |
Horse C 1.5 |
Horse D 1.5 |
f) Using formula in section e) the Place NRA for all 3 horses is 1-((1.5-1)/(2.0-1))= 0.5 = 50%.
g) So, If you had placed a bet on Horse B to place at 1.9, the new odds would be (using method described in d)) = 1.9-(0.9x0.5) = 1.45
