When The Meadows Racetrack & Casino kicks off its 2016 live racing season on Monday, Jan. 4, some bettors may have a little more jingle in their pockets.
That’s because effective Jan. 4, The Meadows is reducing its takeout rate on trifecta wagers from 27 percent to 20 percent, and it will begin offering $5,000 total-pool guarantees for each Pick 4. The measures will result in higher payouts for players who win trifecta wagers and the possibility of large jackpots for each Pick 4.
Takeout is the amount of the pari-mutuel pool retained by racetracks for overhead; it’s typically shared with such partners as horsemen’s associations and a taxing body or bodies. The lower the takeout, the greater the percentage of the pool returned to bettors. In addition to reducing the trifecta takeout, the track will retain the current takeout rate for its other wagers — 17 percent for win, place and show, 20 percent for all other exotic wagers.
With the reduction, noted Kevin Decker, director of racing for The Meadows, the track offers one of harness racing’s most attractive “blended” takeout rates — the weighted average of the takeout rates for all wagers.
“This is great news for our players, and it should significantly enhance the appeal of our trifectas,” he said. “We are delighted to implement these improvements to enrich the experience of our fans.”
The Meadows has been offering $5,000 Pick 4 guarantees each Monday, Tuesday and Wednesday. Effective Jan. 4, in continuing cooperation with the United States Trotting Association Strategic Wagering Initiative, the track will offer a $5,000 Pick 4 guarantee with each live card.
Minimum wager for the Pick 4 is 50 cents. Since Pennsylvania law requires a minimum per-race wager of $2, a player wagering at the 50-cent level must bet at least four tickets.
(The Meadows)