Pick 5 in horse racing betting is a type of wager that allows bettors to select the winners of five consecutive races at a racetrack. It is usually offered as a minimum $0.50 wager and pays out only if the bettor correctly selects all five winners. The payoff is usually based on a pari-mutuel system, meaning that the total payout is divided among all winners as opposed to a standard parlay which has set odds and a payout when the wager is placed.
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