World Scientific
Skip main navigation

Cookies Notification

We use cookies on this site to enhance your user experience. By continuing to browse the site, you consent to the use of our cookies. Learn More
×

System Upgrade on Tue, May 28th, 2024 at 2am (EDT)

Existing users will be able to log into the site and access content. However, E-commerce and registration of new users may not be available for up to 12 hours.
For online purchase, please visit us again. Contact us at customercare@wspc.com for any enquiries.
https://doi.org/10.1142/9789813278790_0013Cited by:0 (Source: Crossref)
Abstract:

Pick 5s are more rarely offered than Pick 3, 4 and 6 but they are making a resurgence in 2014 with a 14% track take and 50 cent tickets on the first five races of the card in California, New York and other racetracks. Beyer (2014b) points out that the P5 handle at Del Mar has been double or more that of the exacta. The Pick 5 dominates the Pick 6 which has $2 tickets and a 23.68% take up from 20.68%. The payoffs have been large too with some near $100,000 and most above $7000 per 50 cent ticket. Horse players have boycotted the higher takeouts on exotic bets. For example at Churchill Downs the higher take has lowered betting volume. Track managements still do not understand the basic economic result that higher takes lead to less volume and lower not higher track profits. Those betting with rebates get some rebate but not all of the increase…