If you are someone who regularly bets at an online racebook you have probably encountered the term mandatory payout. This situation occurs whenever a horse racing track is about to close their meet and must disperse all remaining funds in a racing pool. A mandatory payout in horse racing only applies to racing bets which have a carryover.
The Definition of a Mandatory Payout in Horse Racing
A mandatory payout in horse racing may be defined as a wagering pool which must be paid out regardless of whether or not anyone wins the the horse racing bet. The best way to explain the definition will be to give an example.
The Pick Six is a horse racing bet that involves picking the winner of six straight horse races on a single racing day. This bet is very difficult to win. It is not won each day, and when the bet is not won the majority of money in the wagering pool is carried over to the next wagering day. The race track is only allowed to keep their share of pool which is known as the takeout.
Pools that have carried over to the last day of the horse racing meet must be paid out. They cannot carryover to another day because there are no racing days left in the meet. The track is not allowed to keep the money. Therefore, the bet is paid regardless of whether anyone wins or not.
How Are the Winning Tickets Determined in a Mandatory Horse Racing Payout?
If no one wins a horse racing bet how does the track pay it out? The answer is that the track offers a consolation payout to the bettors who came the closest to winning. Again, the best way to explain this is an example.
The Pick Six requires bettors to pick the winners of six horse races in a row. If there is a mandatory payout the bet must be paid even if no one gets all six right. The race track will divide the pool among those bettors who pick five winners correctly. If no one has five right, those who picked four correct receive the payout. And so on until the winners can be found.
Just like in the regular pool a winning bettor can receive their share of the pool. So, if there are 100 people who have chosen five horses correctly the winners will split the pool minus the takeout allotted to the race track.
This may all sound confusing but it need not be so. All you need to do is think of the mandatory payout in horse racing as a consolation prize. The good news for bettors is that mandatory payouts create betting opportunities for the smart handicapper at an online racebook.
Making Money at Online Racebooks from Mandatory Payouts
You would start by looking at the race tracks which are nearing the end of their horse racing meet. This is done by a simple online search. You can Google the name of the race track to arrive at the track’s official site. Once there you will be able to see the dates of the meet.
You might not even have to go to all of that trouble. You could see a notification at your favorite online racebook of a mandatory payout. It is to the racebook’s advantage to let you know if there are any of these payouts scheduled in the near future. The more that is bet on these races, the more money the race track makes.
Once you have identified the payout opportunity you should consider the type of bet that must be made. In most cases mandatory payouts are reserved for the Pick Six and Pick Five horse racing bets. You will need to understand how to make these bets, and you can learn about that right here on EZ Horse Betting.
The final step is for you to make your betting ticket, pay the right amount of money at your online racebook, and wait for the results. If you have done your homework and are just a little bit lucky, you may be able to take home a nice win just because you were paying attention.
Are you ready to take a chance with mandatory payouts at your favorite online racebook? We suggest that you give one of our recommended online racebooks a try. You can get a nice welcome bonus when you sign up today, and you can make bets right from the comfort of your home with a computer, laptop, or tablet. Now, it is time to explore some horse betting sites so do check our Bovada racebook review, Twinspires review or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!
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- What Are Mandatory Payouts In Horse Racing?
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