Punters who took fixed odds about Smooth Danish in race four at Wodonga on Monday didn't know if they should laugh or cry when they saw the nine year old gelding salute a nose in front of even money favourite Gentleman Max.

After opening at $12 the veteran galloper attracted a steady flow of cash from punters up until they jumped, firming a mile into $5.50. But it didn't matter where punters caught the plunge on fixed markets, each and everyone of them were running for the porcelain bowl when they saw the Victorian Tote price displayed at $101.

In one of the largest spreads ever seen between tote and fixed odds prices, punters taking the tote price on the winner yielded up to 18 times more than their fellow punters who took fixed odds on the winner. Even place tote punters who took Smooth Danish were cheering louder, receiving $45.50 for every dollar invested on the place, 8 times the fixed win starting price.

Punters can expect to see more of these episodes. As tote pools continue to decline the lower liquidity will produce more erratic payouts, especially midweek where the pools are inherently lower.

Mike Steward