Bet365 Reduction Factor query

A horse will have been withdrawn some time between you placing your bet and the start of the race.

With less horses in the race, this makes it more likely that your bet will win so bookies and exchanges reduce your winnings or liability accordingly.

Exchanges will always apply a reduction factor, regardless of the price of the withdrawn horse. However, most bookies will only apply rule 4 when the odds on the horse withdrawn were 14/1 or less.

So in your example, the bookie has paid you in full, book the exchange has reduced your liability.

The lowest the bookies reduce by is 5%. Potentially on the exchanges there could be 4 or 5 outsiders withdrawn all with small 1-2% deductions. The Bookie still wouldnt make a deduction but your losses on the exchange could be 10% less