2nd/3rd Overs Calculator
Use this calculator to see the probabilities and returns on the very common 2nd/3rd horse racing markets. Overs is a term used to describe the increased odds you are receiving, vs the probability of the outcome occurring.
In this instance, we use the place odds to find the probability of the payout event occurring (that is - your selection running second or third), then deduced from that the difference between the price you are receiving (after bonus turnover, etc) and the likelihood of a payout.
You will also be able to ascertain the expected value and of various odds scenarios.
Notice that closer matches obviously present better, higher EV opportunities, but these diminish as the odds increase past around $5.