The Woodbine Entertainment Group has announced that the mandatory payout for the Standardbred Jackpot Hi-5 is set for Saturday, April 4, the second-to-last card of the current Woodbine Racetrack meet.

Harness racing will move to Mohawk Racetrack for 118 dates, beginning Thursday, April 9.

In preparation for the event, the final opportunity to wager on the Jackpot Hi-5 before the mandatory payout date will be Monday, March 30. The carryover will continue to build through that date, provided there is not a single winner. The wager will then be suspended for the Thursday, April 2 and Friday, April 3 cards of racing, allowing customers to prepare for the mandatory payout prize.

The Jackpot Hi 5, which currently boasts a carryover of $726,120.53, requires horseplayers to select the first five finishers in exact order on the last race of the card.

The Jackpot proviso means that the entire pool pays out only when there is one winning ticket sold that correctly selects the first five finishers in exact order.

The Jackpot Hi-5, which has not been won since December 8, 2014, has become a popular part of the WEG wagering profile since it launched in 2013. WEG has offered mandatory payout events, with carryover, with much success.

On August 30, 2014, the Standardbred Jackpot Hi-5 at Mohawk generated a total pool of $2,522,851. Each 20-cent payout returned $1,347.36 that evening. The ‘Hi-5’ on May 17, 2014 at Woodbine also generated a large total pool of $2,002,026. That night, the 20-cent payout was worth $8,759.15.

On a card where there is not a mandatory payout, and not just one winning ticket, half of the wagering pool is carried over and offered on the next racing card. The other half is paid out in consolation payouts to those Jackpot Hi 5 tickets which have the correct order of finish. If there are no winners of the wager, the entire pool, minus takeout, carries over.

The Jackpot Hi 5, which offers a 20-cent minimum and a low takeout of 15 per cent, has proven to be popular among core and new racing fans. This past Monday night, $56,794 was wagered into the Jackpot Hi 5 pool.

For fans and horseplayers wanting further details on WEG’s Jackpot Hi 5, including details, strategy and carryover info, click here.

(WEG)