On Thursday, September 11, the Meadowlands Racetrack announced the addition of a new wager to its wagering menu. It is a low-takeout Super High-Five Jackpot which will be offered with a 20-cent minimum on the last race of each racing program.
The wager will offer an industry-low takeout rate of eight per cent. The pool will be seeded with $10,000 on its first night being offered, Friday, November 14.
“The WEG (Woodbine Entertainment Group) circuit implemented this wager this past year and it has had great success,” said the track’s director of racing operations, Darin Zoccali. “The jackpot wager has really caught on throughout North America and we will take it a step further by implementing an industry-low takeout rate of just eight per cent.”
“We are a supporter of the low takeout movement that is currently taking place,” Zoccali added. “But it needs industry-wide support to be successful. We are optimistic that this wager will prove extremely successful and will pave the way to lower takeout wagers in the future.”
The Meadowlands will also give back more each night.
“Our carryover will be 25 per cent each day as opposed to the standard 45 to 50 per cent this wager typically carries,” said Zoccali. “We believe that the low takeout combined with paying out a larger portion of the pool each night will create more handle and larger payouts on a nightly basis. Additionally, the pool will be seeded with $10,000 initially which further reduces actual takeout.”
Meadowlands General Manager and CEO Jason Settlemoir explains that the eight per cent takeout figure has significant meaning.
“Having worked at Tioga Downs and Vernon Downs since 2006, I have become well versed on the ‘casino’ aspect of gaming,” said Settlemoir. “The average takeout rate of slot machines or VLTs throughout the country is eight per cent, and while horse racing is a more intellectual game, the result is the same, more churn and more money in our customers’ pockets.”
Meadowlands Chairman Jeff Gural touched on the success the wager has had at WEG’s Woodbine and Mohawk racetracks.
“On the two nights they have had mandatory payouts, there was around $2 million bet,” said Gural. “Given that the Meadowlands is the highest handling Standardbred signal, tied into an eight per cent takeout rate, with a mandatory payout on Hambletonian Day, assuming the bet carries over throughout the meet, I am certain it will be the biggest pool in harness racing history.”
The Meadowlands’ Super High-Five is pending regulatory approval and has been slated to begin on Friday, November 14, 2014.
Details on the wager are as follows:
JACKPOT SUPER HIGH-FIVE DETAILS
- 20-cent minimum wager
- Offered on the last race, each race night
- Low takeout rate of eight per cent (8%)
- Individual must select the first five (5) finishers in one race in the exact order of finish
JACKPOT SUPER HIGH-FIVE PAYOUT
SINGLE WINNING TICKET
The entire Jackpot High-5 net pool, plus any previous carryover pool will be paid when there is one and only one winning ticket sold that correctly selects the first five finishers in exact order.
MULTIPLE WINNING TICKETS
In the event there are multiple tickets sold that correctly select the first five finishers in exact order, seventy-five per cent (75%) of the net daily Jackpot High-5 pool will be distributed to the holders of tickets with the first five finishers in exact order, and 25% of the net daily Jackpot High-Five pool will be carried over to the next scheduled Jackpot High-Five event and added to any existing carryover pool.
NO WINNING TICKETS
In the event there is no ticket sold that correctly selects the first five finishers in exact order, the entire High-Five net pool, plus any previous carryover, will be carried in to the next scheduled Jackpot High-Five event. There is no consolation payout in the Jackpot High-Five.
POOL-SEEDING
There will be $10,000 added into the pool on the first day of the wager, by The Meadowlands, which will be Friday November 14, 2014.
MANDATORY PAYOUT
The entire Jackpot High-5 net pool must be paid out on Hambletonian Day, August 8, 2015. The pool can carryover from one calendar year to the next.
(With files from the Meadowlands)