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Took this from a well known betting site.

Ante-post bets are accepted at quoted prices, up to and including the day prior to the event, on the basis of all in, run or not, entered or not .Therefore selections not taking part in the race/event concerned are losers. Ante-post bets are those placed at our quoted prices on horses and prior to the race becoming classed as ?Day of Event? (Day of event is a term used to describe the time at which overnight declarations are made, .All bets placed after the overnight declaration stage are settled in accordance with our Early Prices/Day of Race Rules.