A carryover bet in horse racing is a consecutive wager that has a payout on the next live racing card at the track. Some common carryover bets are the Pick 4, Pick 5 and Pick 6. A carryover wager is a chance to make some big money when the pools are five or six figures.
ScoresandStats.com has all the details in the post, What is a Carryover in Horse Racing?
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