I'm a player at Euro books mainly exchanges tbh, so forgive my naiveity when it comes to this topic.
Talking about US/Offshore racebooks.. if i pick a horse in a meet to Win, for example, at odds of 5/2 10 minutes before post time and the odds shorten to 6/5 just before the off, do I get paid at what I backed it at (5-2) or what it closed at (6/5)?
I have a feeling it's closing odds but what is the reason behind this? Why is so much value lost?