Mon Aug 11, 2014
Beyer: Pick five shows how lower takeout works:
"DEL MAR, Calif. – On the day that Del Mar opened its summer racing season, fans at the seaside track and horseplayers around the country were immediately betting with gusto. The wager known as the Player’s Pick Five, comprising the first five races on the card, attracted a stunning $620,426 in wagers, more than double the size of almost every exacta pool and triple the amount on the pick six, a California institution.--end quote
The pick five’s success since it was introduced in the state in 2012 is due to two player-friendly features: a 50-cent wagering unit and a 14 percent takeout rate. It is arguably the most attractive bet in horse racing, and it has been adopted in other jurisdictions, notably New York. But the evolution of the pick five in California holds significance for the entire racing industry because it is closely tied to a crucial issue: takeout."