Woodbine Entertainment Group (WEG) on Thursday announced the mandatory payout date for its Standardbred Jackpot Hi-5 wager. The Jackpot Hi-5 will have a mandatory payout on the final race of the Aug. 30 card of racing at Mohawk.
The carryover pool currently stands at $583,607.77 (after the Tuesday, Aug. 19 card).
In preparation for the event, the final opportunity to wager on the Jackpot Hi-5 before the mandatory payout date will be Monday, Aug. 25. The carryover will continue to build through that date, provided there is not a single winner. The wager will then be suspended for the Tuesday, Aug. 26, Thursday, Aug. 28 and Friday, Aug. 29 cards of racing, allowing customers to prepare for the mandatory payout prize.
The Aug. 30 card at Mohawk offers five stakes races, including the $634,000 Canadian Pacing Derby, the $667,000 Metro Pace and the $480,000 She's A Great Lady Pace.
The Jackpot Hi-5, which has enjoyed a strong following since it launched Oct. 17, has not been won since June 7. WEG last offered a mandatory payout event, with carryover, for the Standardbred Jackpot Hi-5 on May 17, generating a total pool of $2,002,026.
The wager requires horseplayers to select the first five finishers in exact order, traditionally, on the last race of the program. 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.
If no single winning ticket exists on the Monday, Aug. 25 card, half of the amount bet into the pool, plus the accumulated carryover, will be available for the final race on the Aug. 30 program. The remaining half will be split between the winning tickets as part of a consolation payout.
"The mandatory payout races for the Jackpot Hi-5 have been popular betting options for horseplayers of both breeds," said Greg Martin, senior director, wagering and technology. "Bettors are investing efforts in both cashing the wager before the announced mandatory date, looking to be the single winner, and after, as players, core and newcomer, are taking a shot on getting at least a share of the big jackpot payout on the mandatory race."
The Jackpot Hi-5, which offers a 20-cent minimum, also has a takeout of 15 percent, a continent-equaling low. (WEG)