Monmouth cuts takeout on all pick 3s, daily doubles

Monmouth Park in Oceanside, N.J., is joining the ranks of racetracks that have slashed takeouts on some multi-race bets.

The takeout for the track’s rolling pick 3s and daily doubles will be cut to 15 percent, the track said on Friday, effective with the Saturday card. The track had cut the takeout on both the late pick 3 and final daily double on every card at the beginning of the meet on May 9.

“The new wagers proved to be wildly popular on opening day,” said John Heims, the general manager of the track. “As always, we’re constantly seeking to make not just the on-track experience better, but wagering on our product better.”

Pick 3 bets had previously been raked at 25 percent. Daily doubles had a takeout of 19 percent.

Many racetracks have chosen multi-race bets for takeout reductions over the past decade under the belief that the bets require bettors to handicap multiple races on the card, increasing their chances of playing in other betting pools and making other multi-race bets.

Although the final pick 3 has a minimum of $3, all other pick 3s will have a minimum of 50 cents. The daily double minimum is $1, with the exception of the final double, which has a minimum of $5.

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