Churchill lowers pick five takeout to 15 percent

Churchill Downs will lower the takeout on its pick five from 22 percent to 15 percent beginning with the spring meet this year, officials for the company said on Tuesday.

Churchill officials confirmed the takeout cut at a meeting of the Kentucky Horse Racing Commission after the company had received approval to modify the bet in several minor ways, including allowing 75 percent of the pool in the bet to carryover if no ticket has all five winners.

The takeout reduction for the pick five will align the bet’s takeout with many major simulcast competitors. Many racetracks have targeted the pick five for takeout reductions over the past several years, and the bet has become one of the highest-handling pools at U.S. racetracks.

Churchill’s move to reduce the takeout comes four years after the track raised takeout rates across the board, a decision that led to calls to boycott the track. Last year for the fall meet, Keeneland raised all of its takeout rates to match Churchill’s, with the exception of the pick five, which it lowered to 15 percent. (Keeneland lowered takeout rates for win, place, show, and exacta wagers for this year’s spring meet.)

The change approved by the KHRC at the Tuesday meeting will allow Churchill to create a carryover for the bet in the relatively rare case in which no ticket has all five winners. Previously, Churchill was required to split the pool among those with the most winners. Churchill also got approval to select which subsequent pick five will receive the carryover pool, since it often offers at least two pick five bets each day, and sometimes three.

For example, if the early pick 5 on one race card is not hit, Churchill could elect to apply the carryover to the late pick five the next day, to give the track time to make players aware of the carryover, Churchill officials explained.

In addition, the KHRC approved a change that will allow Churchill to designate a pick-five carryover for a mandatory payout, such as the last day of the meet or on a popular race card.