Horse racing has been a part of our lives for centuries and it has been a source of entertainment for some whilst others have managed to earn a living betting on horses. It is however surprising that quite a number of punters still struggle to understand the basics of horse racing and have resorted to betting on sports like soccer, which they consider to be easy. If you are one such person who would like to get an understanding of horse racing betting, congratulations because this article seeks to explain one of the most popular bets in horse racing betting, the Pick 6.
Pick 6 is a very popular yet difficult wager on horse racing where you are required to select the winners of six consecutive races. If you are into horse racing, you will know that it is difficult enough to select the horse racing winner in a single race, and it will be even more difficult to select six in a row with a Pick 6 Horse Racing bet. The Pick 6 is a type of wager that if you manage to correctly predict it, you will win a huge amount of money due to the high odds associated with such a bet. When betting on the Pick 6, you need to realise that you are allowed to select multiple horses in any race but you must keep it in mind that the cost of your wager increases with the number of horses you include in your wager.
The Pick 6 is quite different to other exotic bets because the pick 6 has a total of two payoffs which makes it a different pay structure altogether. One payoff is for the bettors who pick all six winners, and the smaller payoff is for those who pick five out of six. What this means is that the total pick 6 betting pool is divided into two by percentage between the two payouts, with the six-winner pool getting 75% and the five-winner pool getting the remaining 25%. The Pick 6 is so difficult that there are days when punters fail to win it and the wagering pool carries over to the next day making the next pool even bigger.
When you are betting on the Pick 6, it is very important for you to put permutations because there are a lot of things that can happen in a race and you would certainly need to have some form of back up but putting permutations will result in your wager increasing. If your budget allows, you can work out several permutation combinations to improve your chances because single selections are very risky. If for example you want to cover two horses in each of the races in Pick 6, your bet will have 2 × 2 × 2 × 2 × 2 × 2 or 64 combinations and if the cost of each combination is times R20, then the total would be R $1280, it’s a lot but it reduces the risk of a loss.
It is true that pick 6 becomes expensive if you make permutations but that is where the issue of syndicates come in. A betting syndicate in horse racing Pick 6 is whereby a group of individuals pool their money together to make a single wager so as to minimise the cost. What a syndicate does is that it tries to cover as many winning combinations as possible that would cost an individual a fortune but the cost is shared amongst many people. Most syndicates comprise of friends and if the bet wins, the payout will be shared amongst all the participants in that syndicate depending on their individual contributions.