Alex Kornilov, CEO,
Betegy “Racing offers an action-
packed schedule nearly every day of the year, and much like esports or casino, these races go off at extremely regular
intervals. Races are something you can bet on anytime you want to get in on the
experience as it’s truly global, whether that’s Cheltenham in the UK, Santa Ana in California, or Ellerslie in New Zealand, making it truly 24/7.” Alex Kornilov
We’re expecting many more leading operators to follow suit.
Tomas: I think his comments were likely UK- centric. Certainly, there’s change occurring in the UK currently and there’s more to come, because the funding model was and is fundamentally broken. Figures from the Racecourse Association (RCA) in 2019 showed that owners paid out £621m in expenditure yet there was only £161m available in prize money. Since then, COVID-19 has also landed a hammer blow to retail. Globally, some markets do things better than others but there’s no one-size-fits- all solution at present.
Finally, a brief look at the US - could fixed- odds betting on racing take off?
Alex: In truth, no-one knows just yet. US-based Betmakers are pioneering this space and it’s clearly the right move. Time will tell us how it will go, as it is riskier than floating odds, but it is essential, as it makes bettors comfortable as it looks more like a ‘fair deal’. For racing, you want to know the odds, as it is in effect telling you the ‘chance’ of winning.
Tis shift in mindset makes it easier to understand and get involved, as the price is in effect static. When it comes to setting the narrative, this also enables power rankings and a media conversation around it as it has a predicted outcome, which can further drive hype around the sport as it’s a commonly shared story that can be talked about.
Tomas: Absolutely it can, and it will. Wagering
operators going online across the country need product to serve what will become a considerably larger captive audience than racing currently has in the US. Fixed-odds product will fit seamlessly into the sportsbook environment, and I believe that it can be a driving force in ensuring that the overall value of the racing market more than doubles.
Morten: Tere is no reason why it shouldn’t. It is a better experience in that punters know what odds they are getting when they place a bet, but it will be interesting to see how it plays out with smarter customers who will be looking to take advantage of any potential discrepancies. Ultimately, though, it should serve to increase the overall turnover in the market and that is of benefit to everyone.
Paul: Tere is significant opportunity for horse racing in the US. With state-by-state betting regulations changing, horse racing can capitalise on this by establishing a new self-sustaining model and we believe that fixed-odds betting can be a major part of that framework, benefiting all areas of the racing industry from horsemen to racetracks – as well as obviously attracting a new, younger audience to the sport.
Tere’s been plenty of talk about how the fixed- odds model could bring in a new set of bettors looking for something to bet on between other events, but for fixed-odds betting on horse racing to attract new bettors, it must be presented in a different way to pari-mutuel – such as a one-click bet, with bite-sized information available to help customers make informed decisions and feel more comfortable when engaging with the product. Fixed odds also provide more opportunities to introduce new betting types, such as parlays and propositions, which aren’t available through the current tote offering.
Ensuring that the fixed-odds offering is comprehensive, and offering the back-end trading, odds compiling services, and technologies for this to be successful will be critical as US states open up to fixed odds-on horse racing.
We recently launched SIS Content Services Inc., demonstrating our commitment to the US. For sportsbooks, we offer a full turnkey solution of real-time data and video feeds, and trading services on our portfolio of over 30,000 horse races, along with greyhound racing and esports betting. We also offer fixed-odds distribution for racetracks both domestically and globally to maximise revenue and attract new customers to the racing product.
We have experience in other global markets in introducing fixed-odds betting on racing, which has proven to be very successful in attracting new betting audiences and driving operator revenue and profitability. We are confident that it can complement the current pari-mutuel system, ultimately helping to grow the racing betting product in the U.S.
WIRE / PULSE / INSIGHT / REPORTS P63
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138
