In real life, you get the odds at the time you make the bet (not the starting price or live odds). I don't like the idea of Live Odds because of you go down that route, people who make a bet on the basis that risking X at 9-1 is worthwhile whereas risking the same amount at evens is not.
When I placed the bet here, the real odds had softened a bit but was still around 7-1. It was a bit of luck and a bit of foresight. At the time, the chance of Ferrari winning was around 7-1 and I got odds of 9-1. After qualifying, sure it was more likely.
I think this is a distraction to the real problem that you want to solve. It would not be hard for me to play out the rest of the season making 1 groat bets (or just waiting until the day before the race and matching the bet of the second placed person). I'm not really interested in that. I'm just in it for fun, but of course having got a nice win, I wouldn't want to just blow that in the second race and miss the rest of the season.
My suggestion would be to revise rule 6 to be a fraction of your current assets, rather than 'any bet'. I think that would then make it possible/likely that I would come back to the pack. It's a bit like a reverse grid but if that leads to more overtakes, then maybe that's what we want in You Bet!