Breeders’ Cup lowers pick six minimum bet to $1

The Breeders’ Cup will reduce the minimum for the two pick six wagers scheduled for its Oct. 30 and Oct. 31 cards at Keeneland in Lexington, Ky., from $2 to $1, according to officials who have seen the simulcast contracts the organization has sent out to wagering sites.

The reduction in the minimum for the bet is the first since 1994, when the Breeders’ Cup reduced the minimum to $1 for a three-year span running through 1996. Handle on the bet dropped considerably during the three-year period, and handle immediately rebounded when the minimum was increased to $2 in 1997.

Breeders’ Cup officials would not comment on the change Thursday, but the organization is likely to announce the reduction within the next week after discussing and setting the guarantees for the bets, according to officials. Last year, the Friday pick six had a $750,000-guaranteed pool, and the Saturday pick six had a $2.5 million guarantee. The Saturday pick six handle fell just short of the guarantee.

Handle on the pick sixes offered by the Breeders’ Cup has steadily eroded over the past 10 years as bettors have migrated to other linked bets such as pick fours and pick fives, which carry 50-cent minimums. The reduction in the minimum is likely a maneuver to see if interest in the bet can be resurrected. In addition, most racetracks have increasingly embraced lower minimums for nearly all exotic bets over the past 10 years, with the support of most handicappers.

The record Breeders’ Cup pick six handle was set in the first year it was offered, 1991, when bettors poured $8.5 million into the pool. Handle dropped to $5 million the next two years, prior to the three-year reduction in the minimum. Handle for the Saturday pick six has not exceeded $4 million since 2010.