No. You simply subtract 4 from each of your current break-even odds.
The confusion arises from the return of the stake and the difference between fractional and decimal odds.
So I assume DTB has been calculating the break-even place odds for Gil Morgan as such:
units * (events/places) = place odds
Assuming two units are places on the each-way bet, for Gil Morgan:
2 * (24/12) = 4
This is the correct break-even place odds, but the 4 refers to decimal odds not fractional odds. In other words, 4.0 (or 3/1) and not 4/1. Hence the correct break-even outrights odds are (3/1)*4 = 12/1 not 16/1 as bettingmad says.
As another example, if you have Irwin at 14.85, then you must have calculated Irwin's place odds to be 3.7125 (14.85/4) which is correct in decimal format, but not in fractional format (ie. 3.7125/1).
So therefore the correct break-even outright odds for Irwin are (2.7125/1)*4 = 10.85/1 and not 14.85/1. In other words, a reduction of 4 points.
The difference of 4 arises because there is a difference of 1 between the decimal odds and the fractional odds (e.g. 5.0 = 4/1) and then you are multiplying this difference by 4 because the place odds are 1/4 the full outright odds.
