For the math impaired, the just run 3 horse extravaganza  at MTH is a good example

 Natural odds on each 2-1

 Post Time odds.

 6/5
 7/5
 8/5

 How exponentially better would this game be with a 5% takeout?

Topcat: Match races reflect the ultimate pari-mutuel grind . . . evenly-matched matches typically yield 3-5 vs. 7-10.   Bookmakers\' matchups typically markedly fairer . . .