Late Pick 5 apparently coming to California, but

[Al Gobbi]

with a takeout of 23.68% instead of 14%.

One of the outstanding items from the meet applications was the full wagering menu for each track. Planned additions of a late Pick 5 and a race-by-race rolling Super Hi-5 to the wagering menu were not included in the Nov. 16 CHRB meeting packet. A hang up regarding the new, second Pick 5 on a racing card—the single Pick 5 that is currently offered at California tracks covers the first five races on a racing card and has a 14% takeout—would feature an increased takeout rate of 23.68%.

The Stronach Group's chief operating officer, Tim Ritvo, said after the CHRB session that the takeout rate for the proposed second Pick 5 wager is 23.68% because the TOC rejected the idea to put another Pick 5 on the menu with a takeout of 14%. If Santa Anita or Golden Gate were to offer the second Pick 5 with a 14% takeout, it would have to come out of The Stronach Group's cut of handle, Ritvo said.

"It's not us," Ritvo said of the higher takeout on the new Pick 5 wager. "We've approached the TOC and they said they'd never consider the 14% unless we paid for it."

https://www.bloodhorse.com/horse-rac...meet-proposals

[lamboguy]

this is just another reason why racing is going to hell. i could actually see a pick 5 with a low takeout bringing new interest to the game.

[SG4]

Which is worse, late pick 5 with a higher takeout rate, or late pick 5 where only people on certain betting platforms can wager into?

Between the 2 major circuits of NY & CA why are they so hell-bent on messing with what I consider to be the game's best wager?

[dilanesp]

Pretty obvious why they are doing this. Handle is lowest early on the card.

[thaskalos]

The California horsemen rejected the 14% takeout, and settled on 24%? Why not compromise somewhere in the middle?

[cj]

As bad as Keeneland IMO. Hard pass.

[lamboguy]

people actually don't mind paying 14% for the action they get with a pick 5. these horsemen must think there is an endless supply of suckers to get plucked.

the bad news is here now, it ain't working that way pay attention to some of the other threads here like diminished racing dates. that should give them a good idea where things are headed.

[GMB@BP]

Wont bet it, betting it would only encourage them to raise the other one, and set a bad industry standard.

Kee lowered theirs only for competition reasons, without that it would have been the same.

[Poindexter]

Santa Anita already offers an early pick 5 at reduced takeout and early pick 4, and a late pick 4 that does very well. So now they want to offer a late pick 5 which will overlap the late pick 4 and the pick 6, the TOC wont agree with the low takeout, so don't offer it. If they do decide to offer it at least offer it at a 20 cent minimum(NO JACKPOT). By doing so they please those of us who like the lower minimums(thats me), they give smaller players a lot better chance of hitting one of these, and provide them with a lot more fun. I am assuming they will continue with the early and late pick 4.

To offer a 50 cent late pick 5 at their normal ripoff rates would be competely pointless.

[GMB@BP]

Originally Posted by Poindexter

To offer a 50 cent late pick 5 at their normal ripoff rates would be competely pointless.

and yet they are doing it...so there ya go!

[ronsmac]

The pick 4 also has a 23.68% takeout rate and has the biggest pool of the day other than 2 day p6 carryover days.

[Poindexter]

Originally Posted by ronsmac

The pick 4 also has a 23.68% takeout rate and has the biggest pool of the day other than 2 day p6 carryover days.

That is sort of the point I am trying to get across. You have a late pick 4 that is extremely successful, why cannibalize it(as you guys like to say) and other pools(the more money joe fan has sunk in the pick 4 and pick 5 pools the less he is going to bet in other wagers) for an additional bet that brings nothing to the table (with the exception of the rare carryover).

When they announce that the late pick 4 pool has just hit $700,000 it does nothing for me, but the public buys into that meaning something and dives for the window(as if they are getting free beer with their ticket or something). Why bring that $700,000 down to $550,000, convert some of the public into a lower probability bet, which means they will cash far less often and likely spend more money and of course over time go broke faster. With a lower takeout, the benefit is that when they do hit they collect around 13% more. With a lower minimum, they will bet the same amount and have more coverage and have a much better chance of winning, or they will bet less, risk less and have greater longevity. But a high takeout pick 5 is all negative with the exception of the rare carryover. I will enjoy those

[PaceAdvantage]

Originally Posted by lamboguy

i could actually see a pick 5 with a low takeout bringing new interest to the game.

Where you been the last few years?

https://www.bloodhorse.com/horse-rac...th-low-takeout

http://www.drf.com/news/beyer-pick-f...-takeout-works

https://www.paulickreport.com/horsep...a-autumn-meet/

[LemonSoupKid]

They'll get a dose of their own medicine with the whole "Once someone is used to it, hard to take it back" phenomenon.

You offer the exact same bet and now it's double the take?

GTFO

I have almost exclusively played the pick 5 where available because I know I can hit it, and 10-12% less is huge