Using the Neds Backup calculator

As part of their 'Toolbox' Neds have an option to select a 'backup' when betting on horse racing.

The idea of the backup is that if you bet on a horse but it finishes 2nd, behind your backup, then your stake will be refunded.

The maximum refund for this promo is $500 and, if you are smart about your race selection, the expected value can be huge.

The best type of race for this promo will be one with two very strong favourites and the remaining horses at high odds.

To maximise your EV you should back and lay the second favourite.

If you put in the back stake, back odds, lay odds, and commission, the top part of the calculator will tell you the appropriate lay stake:

You can then enter the lay odds for the horse that you have selected as your backup and the calculator will work out your possible outcomes and the Expected Value:

Note that you should not place any lay bets on the backup horse. We are only entering the odds in order to calculate the EV.

As you can see, if you are maxing out this promo you will have a high potential qualifying loss. However, the profit if the promo hits is huge.

If you are not comfortable with the qualifying loss then you can decrease the back stake.