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I'm no expert on these things but for the likes of a race like a derby final, when all known form is there for all to see, should they not be operating closer to about 110%??
In other words, is that showing value to the punter??
Not great value at any particular bookmaker but if you take the best price available with all bookmakers using oddschecker.com it works out at an over round of 103.9% which isn't too bad.
I'm sure Bookmakers on track will be betting very to very tight margins on the night, probably between 110% and 120%