Years ago, Southern California tracks added the early Pick Five with a low takeout of about 15 percent. Players loved it, especially since more of their money was coming back on the win end.
What most novice bettors don’t know is that the Pick Four and the new late Pick Five have a track takeout of 23.68 percent. And they don’t seem to care.
“It’s a 50 cent bet,” Ernst said, “and I think handicappers like to bet into the strength of the card.”
I really take issue with these comments. First of all why does the early Pick 5 in the crappiest of racing handle more than the late P5.
These comments are from the guy who wanted to raise the DD from 18% back to 23.68% because he used 5th grade math along with Tom Ludt and Rick Baedeker. They simply calculated how much more they would have made with the same handle at 23.68%. Then it was repeated at a CHRB meeting.
Most novices by definition don’t know much so how can he say “they don’t seem to care”.
