Officials with the Meadowlands Racetrack have announced that with the last-race Jackpot Super Hi-5 pool featuring a carryover of $161,277, if there is one winning ticket and the last-race jackpot is hit, the payout will be guaranteed to be $200,000.
The release from the Meadowlands also states that going forward, as the jackpot carryover continues to grow, the guaranteed payout will also increase. Once the carryover reaches $200,000, the jackpot payout will be guaranteed at $250,000, a $250,000 carryover will result in a $300,000 guaranteed jackpot payout, etc.
“The Jackpot Super Hi-5 pool has averaged between $28,000 and $35,000 of new money wagered each night,” the track’s director of racing operations, Darin Zoccali, was quoted as saying in the release. “When the carryover reaches a threshold that triggers a higher guarantee, the first few nights of that guarantee, the total pool may be less than the guarantee, so if the jackpot is hit, the guarantee will further reduce the takeout rate, which is already an industry-low eight per cent.”
Since being implemented, the Jackpot Super Hi-5 has sported an average nightly payout of $3,790 for a 20-cent wager. This is thanks to 75 per cent of the pool being paid out each night, with 25 per cent of the pool carried over into the jackpot.
The Meadowlands Jackpot Super Hi-5 is offered in the fifth and last race on each racing program and the minimum wager is just 20 cents.
The fifth-race carryover is presently $47,522, while the last race carryover is $161,277.
The Meadowlands offers live racing ever Friday and Saturday night with first-race post time at 7:15 p.m.
(With files from the Meadowlands)