Meadowlands Racetrack issued a statement on Wednesday, Feb. 11 regarding its new Pick 8 wager and the debut payout on Friday, Feb. 6. 

The statement from Meadowlands Racetrack explains that the initial seed money was treated as “new money” on the wager’s first night, so the first night pool totalled $54,998 ($50,000 seed + $4,998). The night’s payout was $13,561.40 for a single seven-for-eight ticket.

The Meadowlands stated that now that there is a carryover of $40,684, normal carryover rules apply on Friday, Feb. 13.  If there are no eight-for-eight winning tickets, 25 per cent of the new money bet into the pool, after takeout, will be paid out; the remaining 75 per cent will carry over to Saturday, Feb. 14.

"We understand there was some confusion over the first night’s payout," said Jason Settlemoir, Meadowlands Racetrack's Chief Operation Officer & General Manager. "We wanted to make it clear to all of our customers exactly how the initial $50,000 seed money was classified. Moving forward, standard carryover rules apply to this Pick 8 wager. We hope to see this new wager catch on with our customers."

The Meadowlands stated that if the wager is hit (eight-for-eight), the next $50,000 seeded-money round will be classified as carryover; it will not be treated as “new money.” There is no mandatory payout date for the Pick 8.

The Pick 8 wager is $1 minimum bet, spanning races three through 10. If a player picks all eight winners and possesses the only ticket, they take the entire pool. If there are multiple winners, the pool will be split among those with eight correct. When the bet is not hit, 25 per cent of the new money in the pool will be paid out to those with the most winners, with 75 percent of the pool carrying over. Free Friday and Saturday night past performances are available at playmeadowlands.com.

(With files from Meadowlands Racetrack)