Horse racing place-cards (how to find value on this special 'all-up' bet)

Brief Description: A place-card is an 'all-up'(parlay) that is worked out by adding^^^ the place*** prices of four horses together (in four different races, usually at the same venue)

adding^^^: with a normal 'all-up' you would multiply the prices together, but with a place-card 'all-up' you add the prices together (see example below).

place***: In Australia, place means the horse comes 1st or 2nd with 5-7 runners, and 1st, 2nd or 3rd with 8+ runners

website (below)

http://www.sportsbet.com.au

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Example (normal place 'all-up' bet vs place-card bet)

Ballina Race 4 - Horse 2 - Betterthanyouthink is @ $1.30 fixed odds the place, and $1.25 on the 'place-card'
Ballina Race 5 - Horse 1 - Miggeru ------------ is @ $1.50 fixed odds the place, and $4.50!!! on the 'place-card'
Ballina Race 6 - Horse 4 - The Black Ferri ---- is @ $1.30 fixed odds the place, and $1.30 on the 'place-card'
Ballina Race 7 - Horse 4 - Goodos ------------- is @ $1.70 fixed odds the place, and $2.00 on the 'place-card'

nb: These prices are correct as at 10/04/2014 12:00 am (USA, ET)

$4.50!!!: that is not a mistake, as this bookmaker doesn't seem to adjust the prices on the place-cards very much (if at all), though they adjust their normal markets quite frequently, (the early WIN price for Miggeru opened at $7.00 and came into $4.00, yet it is still $4.50 on the place-card)

The odds for the above races with a normal 'all-up' place bet is: $4.3095 (+330.95), multiply the place prices

The odds for the above races with a place-card bet is: $9.05 (+805), add the place-card prices

In conclusion, if you are going to back these four horses for a place you may as well take the place-card instead, as the odds are about 2.1 times better than the regular 'all-up' (generally there is value in betting place-cards on the horse(s) that are shorter-priced in the normal betting market)

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Edit: (made @ 1224 am on the 10/04 ET)

Extra Information: Here are some simple steps to work out which is the better price to take (the place-card price or the regular place price).

Step 1: calculate regular place price to the power of 4

Step 2: divide number from 'Step 1' by 4

Step 3: compare the regular place price in 'Step 2' with the place-card price for that horse, (the larger number will indicate the better option of the two)
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example of when the regular place price is better than taking the place-card price, see below

a horse is $3.00 for the regular place price and $10 on the place-card

step 1: $3.00 to the power of 4 is $81

step 2: $81 divided by 4 is $20.25

step 3: $20.25 (regular place price) is bigger than $10.00 (place-card price),

so that means the regular place price is better value compared to the place-card price.
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example of when the place-card price is better than taking the regular place price, see below

a horse is $1.40 for the regular place price and $1.20 on the place-card

step 1: $1.40 to the power of 4 is : $3.8416

step 2: $3.8416 divided by 4 is: $0.9604

step 3: $0.9604 (regular place price) is smaller than $1.20 (place-card price),

so that means the place-card price is better value compared to the regular place price

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Place-card rules: (ignore this section below if you already know the rules of place-card betting)

Sportsbet (Only applicable for this bookmaker at the moment, though i haven't look at too many other places)

"37. Place Cards
37.1 'Place Cards' are available on the internet only. Place Cards are selecting the first or subsequent place getters in four races specified. Place Card Odds are determined by adding the four odds together.
37.2 In fields of 8 or more runners, horses that run first, second or third are deemed to be eligible for a winning Place Card.
37.3 In fields of five (5), six (6) or seven (7) runners, only horses that run first and second are deemed to be eligible for a winning Place Card.
37.4 In fields of less than five (5) runners only the horse that runs first is deemed to be eligible for a winning Place Card.
37.5 Where there is a late scratching(s) and the field is reduced to 7 runners or less, the above rules will apply for all wagers taken after the official late scratching(s) time.
37.6 For wagers placed on fields of 8 or more prior to the official late scratching(s) time, first, second and third placings will count towards the Place Card.
37.7 If the Member's selection in one leg is scratched, then it becomes a three race Place Card and will be recalculated excluding that leg.
37.8 If two or more of the Member's selections are scratched then the Place Card is cancelled and the wager is void and will be refunded.
37.9 If one leg is abandoned or declared a no race, then it becomes a three race Place Card and will be recalculated excluding that leg.
37.10 If two or more legs are abandoned or declared no races, then all Place Cards are cancelled and the wager is void and will be refunded.
37.11 If there is a dead-heat for third place in any of the four (4) designated races, the odds are halved for each horse that has dead-heated in that leg and added to the other three legs. In the case of triple dead-heats, one third of the odds will be added to the other three legs.
37.12 Unless otherwise agreed with Sportsbet, the maximum that a Member can win per day at any one racing venue on a Place Card is AUD$30,000."

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You neglected to tell us what communication devices are in use, by the officials, over at the start.

Not much good having the last leg of a place card going for big money, if they know, well beforehand, what you are on.

Remember "the Fireman"?

How about Boban's run in the Apollo Stakes, in February, after Tremec had conveniently played up at the start?

A horse that had won the Epsom, at the same track, coming from last on the turn, in a 16 horse field, was back last, three wide, in an 8 horse field.

The "delayed start" scam is far too prevalent in Australian Racing for parlaying, for big money, to be an attractive option.

I know very, very little about horses, but the idea seems sound enough to me.

Maybe "big money" isn't an option and they might shut you down after you hit a few. But if it's +EV, that's no reason to avoid it.