NEW ORLEANS (Wednesday, October 26, 2022) – With the approval of the Louisiana State Racing Commission handed down Wednesday afternoon, Fair Grounds Race Course & Slots announces two horseplayer-friendly adjustments to the 2022-23 wagering menu. Takeout will be reduced on the Pick 5 from 25% to 15%. Also, a new Pick 6 at the same 15% rate will be added.
Takeout is the percentage of every wagering dollar removed before payoffs are calculated.
Racing officials at Churchill Downs Incorporated (“CDI”) and Fair Grounds have been studying successes at other tracks and working to make this change at Fair Grounds.
“We are very excited about both of these new wagering opportunities for horseplayers,” said Gary Palmisano Jr., the newly appointed Executive Director of Racing for CDI. “Fair Grounds has not had a Pick 6 in many years. After monitoring the success of this same wager at the New York Racing Association, we feel this is an interesting variation of the pool to implement and worth exploring.”
Fair Grounds offers a traditional Pick 5 where the entire pool, after the 15% takeout, is paid out to winning bettors. If there are no perfect Pick Five tickets, the entire pool, minus the takeout, will carry over to the late Pick Five the next racing day. On most racing days there will be two Pick Five opportunities for horseplayers – an early and a late – and on cards of 11 races or more, a third may be added.
The new Pick 6 wager will have a $1 minimum wager. It will be “non-jackpot” and 75% of the after-takeout pool will be paid to all tickets with 6 winners. The other 25% will be paid to all those with 5 of 6 winners as a consolation. If no one has 6 winners, then 75% goes to the next day as a carryover and 25% is paid to all the consolation tickets.
“The obvious goal is that this wager will create numerous carryover opportunities and draw attention to racing in New Orleans,” Palmisano Jr. added.
The 80-day, 2022-2023 Fair Grounds racing season opens on Friday, November 18 and runs through Sunday, March 26. Regular post time will be 1:05 p.m. CT, but opening day post time is 3:00 p.m. CT. Sixty-five stakes worth a combined $8.5 million, up more than $700,000 from last season, will be offered during the Thoroughbred meet.