Rainbow Jackpot
HALLANDALE BEACH, FL – The 20-cent Rainbow 6 jackpot pool will be guaranteed at $1.25 million Friday at Gulfstream Park.
The popular multi-race wager went unsolved for the 12th day of the Championship Meet Wednesday, when multiple tickets with all six winners were each worth $1,353.08.
A mandatory payout of the Rainbow 6 jackpot pool is scheduled for Saturday’s program, headlined by the $100,000 Mr. Prospector (G3), in which multiple graded-stakes winners Firenze Fire, Mind Control and Diamond Oops will clash, and the $100,000 Via Borghese.
The Rainbow 6 carryover jackpot is usually only paid out when there is a single unique ticket sold with all six winners. On days when there is no unique ticket, 70 percent of that day’s pool usually goes back to those bettors holding tickets with the most winners, while 30 percent is carried over to the jackpot pool. However, on mandatory-payout days, the entire pool is paid out to the bettor or bettors with the most winners in the six-race sequence.
Friday’s Rainbow 6 sequence will span Races 5-10, including a mile maiden special weight race for 3-year-olds and up in Race 7, in which Gary and Mary West’s Emperor Ofthe Nile, a $400,000 son of Pioneerof the Nile, is scheduled make his debut.
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Rainbow Jackpots Slot Review
As Pegasus World Cup day nears, Gulfstream Park's Rainbow 6 jackpot carryover is up to $3.2 million entering Friday's card. With the pool swelling, more and more fans are playing the wager even before a mandatory payoff arrives Sunday. But is the Rainbow 6 a good bet on a normal race day?
How the Rainbow 6 jackpot has grown
We took a look at the last 32 days of racing once the carryover had reached $250,000. There are plenty of interesting things to analyze in the data. To make it easier to read, we've highlighted anytime the $0.20 payoff was greater than $10,000 and any longshot winners of 10-1 or higher in the six races making up the Rainbow Six each day.
Rainbow Six stats (Dec. 8, 2019 - Jan. 23, 2020)
High takeout, but is it a bad bet?
First, we should remind everyone that the Rainbow 6 comes with a 20% takeout on the wager, and then on top of that 30% of what is left funds the growing carryover. Out of every $100 bet, $20 is takeout, then 30% of the remaining $80 funds the carryover ($24), which leaves 56% to the daily payoff.
So when you play the Rainbow 6 on a non-mandatory payoff day, you're playing into a 44% takeout. But before we can determine if it is a bad wager for the player, let's look at some other factors.
Pool size has grown significantly
If you look at the carryover and pool columns in the chart above, we can see how much the pool has grown in recent weeks. Once the carryover reached the $1.5 million range in early January, the pool has averaged $499,000 the last 15 racing days.
Field size influences payoffs
This one is rather obvious, but note how much difference in the number of horses in the six races has on the total number of combinations and the final payoffs.
From this chart, the Top 10 biggest field size days averaged 56.5 horses, 630,389 possible combinations and an average $0.20 payoff of $12,921.
The 10 smallest field size days averaged 44 horses, 144,445 combinations and an average payoff of $4,747.
Payoff vs. win parlay: How to measure the value
Bettors often look at the value of multi-race wagers by comparing to how it would pay if you had bet a win parlay on each of the races, meaning if you played the first winner to win, then parlayed that all to win on the second winner through the sequence.
While the $0.20 payout was greater than the parlay in 29 of the last 32 race days, that's to be expected, said wagering expert Marshall Gramm, who is a professor and chair of the Department of Economics at Rhodes College.
'The way to look at it is, there is only one takeout in the Pick 6 where there are six win takeouts if you parlayed six win bets,' said Gramm. 'So in this case, the Pick 6 payout should be 1.71 times the parlay value.'
Looking at the chart above, the $0.20 payoff actually doubled the parlay in 21 of 32 instances. And 25% of the time, the payoff more than tripled the parlay. So that would seem to indicate there is value to be had in the wager, provided the player is cashing often enough.
'I suspect there are two reasons for that,' Gramm said. 'One, there may be a lot of money where people are playing the edges and trying to take down the entire pool. But in cases where that doesn't happen, that creates a lot of dead money.'
Emphasizing Gramm's point, if we look at top 10 payoffs vs. the parlay, few longshots came in these days. Other than Dec. 18, which was a smaller pool that kicked off with a losing 1-5 shot, most other days were more formful.
Rainbow Jackpots Rtp
'Secondly, a lot of the players I've talked to play the pool for really small amounts, for $16 or under $100,' Gramm added. 'That's going to create a lot of casual, uniformed money that can add to payoffs.'
Tracking the Rainbow 6
Because this is such a unique wager with growing interest, we wanted to provide this information to players who can decide for themselves if it is a good bet.
I also wanted to note, that because of the high takeout, huge pool and small number of winners, some people feel that these type of bets are bad for racing overall. That however, is an entirely different discussion, with this article more serving to better illustrate this wager which so many players are looking at each day.
If the Rainbow 6 is not hit with a unique ticket on Friday or Saturday, Gulfstream Park will force a mandatory payout on Sunday. Check back, and we will be providing some history on the biggest jackpot pools and how they paid.