Betinternet founder and Virtual Software Chairman Vincent Caldwell has launched a new Virtual Live Racing product which will deliver a regulated digital tote betting service for US punters.
The new product will feature fully rendered replicas of real tracks, graphics, and results based on historical race data from across a number of American racetracks – with results generated by using anonymised and encrypted data from real-life thoroughbred, harness and greyhound races.
Caldwell said: “While virtual racing products operate in over 40 countries and are very much a mainstream wagering product with billions of dollars bet on them each year, we have identified a niche opportunity for a unique product. We’ve developed a real-time rendering engine deployed to deliver horse, harness and greyhound racing with high quality graphics and animations.
“Unlike other products, our technology ensures that a racetrack’s intellectual property in the form of historic race data is anonymised and encrypted so outcomes cannot be known prior to the race being run.
“We believe that Virtual Live Racing products, which are built on a pari-mutuel wagering model, have a massive potential because it allows market access into an existing $11billion USA pari-mutuel wagering market, and other access points into international regulated racing markets valued at $100billion.”
Tracks will include Derby Lane and Tampa Bay Downs in Florida, with a further five tracks having already signed an agreement. The product will be made available to all tote systems in the US via distribution through Amtote International’s Spectrum betting system.
Virtual Live Racing has been created by Isle of Man-based company Virtual Software which has a proven track record of innovation in digital product development for the pari-mutuel or fixed odds betting industries.
Chairman Vincent Caldwell started one of the world’s first online wagering companies (betinternet – licensed in the Isle of Man) which then went on to become the first such company to list on the London Stock Exchange.