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strabismus | 09:14 Mon 27th Jul 2015 | Crosswords
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49d Outlay to cease after reduced odds. S-E-D

I have spend, which is outlay. Cease is end, but I can't explain the reduced odds.
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SP = odds + end (cease) spend
reduced odds Starting Price SP in bookie language.
Odds in betting = Starting Price or SP for short
SP is starting price in horse racing
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Thank you for explalanations

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