Magna to Introduce New National Wager
Updated: Saturday, January 17, 2004 2:21 PM
(from Magna Entertainment release)
Posted: Wednesday, January 14, 2004 8:27 PM
Magna Entertainment Corporation announced it is offering a new national Pick 5 wager – the Magna 5 – with a guaranteed minimum pool of $500,000 at its tracks beginning Jan. 31 and continuing each Saturday through May 29.
The bet involves five races from coast-to-coast taking place in little over an hour.
Magna's Laurel Park will host the five-race wager commencing at about 4:30 p.m. EST.
The five races will be run sequentially in just over one hour from five of MEC's premier racetracks (initially Laurel Park, Gulfstream Park, Santa Anita Park and Golden Gate Fields). The minimum bet will be $2.
In the event there are no winning tickets, 75% of the pool will roll over each week, with the remaining quarter paid out in consolation awards.
Races from Pimlico, Bay Meadows and Lone Star Park will be added to the line-up in the Spring.
"The Magna 5 provides racing fans with the chance to wager on some of the country's best Thoroughbred horse racing in a fast-paced format with big payoffs," said Jim McAlpine, Magna's president and CEO.
"The Magna will be available wherever fans can wager on MEC races content," said McAlpine, "and with its low entry level of $2, fast action and large guaranteed pool every week, it should will be attractive to a wide cross-section of horseplayers."
XpressBet, MEC's account wagering subsidiary, sponsors the wager.
The Magna 5 will feature a 22% take-out, lower than the take-out rate on multi-race wagers in many jurisdictions.
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