THE official announcement that the unit cost of the Pick-9 bet would roll back to its original amount of $5, thereby replacing the present unit cost of $10, came on Saturday last during the race programme over the Caymanas Track Limited’s public address system which covers the racetrack and the over 60 offtrack betting parlours spread across the island. The announcement was followed during the course of this week by newspaper and electronic media advertising placements.

The initial reaction from some punters was ‘I told you so’, but there was a general feeling that the right thing had been done by the promoting company. Chief Executive Officer of CTL, Cedric Stewart, responding to questions posed at last Wednesday’s Observer Press Club said from the time, mid 2013, when the $10 unit cost for the Pick-9 was introduced, CTL started to monitor the reactions of the public and watched closely the wagering on the Pick-9.

“Yes we have reverted the Pick-9 to its original unit cost of $5. When we changed the unit cost last year, I publicly stated that CTL would watch the response very closely and if needs be, make the necessary adjustments to keep the Pick-9, which is a popular exotic wager, on track. We have done that, we have listened to the public, we are not afraid to implement new initiatives in an attempt to increase our revenue, but we are a company which caters to the people, hence the decision to roll back to the original unit cost of $5. This particular initiative did not work for us as planned, hence to decision to roll back the unit cost of the Pick-9,” Stewart said.

He added: “The rollback to $5 becomes operational for Saturday’s (tomorrow’s) race card. But I want to point out that no consolation payment will be paid once there is a winning ticket with nine of nine winners. CTL will continue to pay eight of nine winners, when there is no nine of nine winning ticket and despite the reduction of the Pick-9 unit cost, CTL is still maintaining the $1 million minimum payout,” Stewart told the gathering of Observer sport reporters.