What does N.T.D or No Third Dividend mean?

When a race indicates 'N.T.D' or 'No Third Dividend' it means that any runner that finishes past the post in third place will not receive a payout or dividend for any place pool bets (contrary to usual place pool rules which attract a dividend for first three runners past the post).

No third dividend most commonly occur in races with smaller prize pools or where races include a limited number of runners (less than 8 runners).

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