Three legs at −110, taken two at a time, is 3 tickets at 25 each — 75 at risk, not 25. That is the first thing the format hides.
| Two legs land | 91.20 back, +16.20 |
| All three land | 273.61 back |
| Legs needed to break even | 2 of 3 |
| Expected profit at fair 50% legs | -6.60 |
| Same money on singles | -3.38 |
Both those last two are computed with every leg at a true 50%, so the difference is not luck — it is the margin, charged once per ticket instead of once per bet. A round robin buys a different shape of outcome, not a better expectation.
Where the number comes from
Everything above was computed by the same engine that prices bets, at the moment this page was built — not typed into a template. The build fails if a figure appears here and not in the engine's own output.