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What is the Longitude Enhanced Pari-Mutuel System™?

It is a pari-mutuel technology platform that can facilitate innovation and liquidity in horse racing and sports betting, as well as the pricing and settlement of markets on a range of financial and naturally occurring events, such as credit, economic statistics, and weather.

How does Longitude's technology differ from existing pari-mutuel platforms?

The Longitude Enhanced Pari-Mutuel System™ allows for multiple types of wagers on each individual race or sporting event to be combined into a single pari-mutuel pool. The multiple pool framework used by today’s existing platforms was necessary when originally implemented for racing over 80 years ago (e.g. win bets had to go into the win pool, place bets had to go into the place pool), but has not evolved meaningfully since that time, despite the advances in computing technology that have occurred.

What is the history of the Longitude platform?

The Longitude Enhanced Pari-Mutuel System™ facilitated the trading of financial contracts on economic events such as the release of the non-farm payroll number or the consumer price index, which presented investors with a hedging opportunity in advance of these market moving events. The platform has been completely reengineered and now brings a new level of sophistication and advanced computing technology to the horse racing and sports betting industries, and it also expands on the original financial markets offering.

How does the Longitude platform work?

The Longitude Enhanced Pari-Mutuel System™ is able to combine different wager types from an individual event into one pool and can use those wagers to determine the likelihood of all possible outcomes of the event. Odds for all wager types can be calculated in real time with processing speeds that significantly exceed current industry standards.

Is the Longitude system running live with any gaming/wagering operators?

Yes. On January 19, 2014, The Hong Kong Jockey Club announced its adoption of the Longitude technology to support the relaunch of its Quartet bet type. In January 2015, The Hong Kong Jockey Club expanded its use of Longitude to also power its First 4 bet. With this successful expansion, the HKJC became the first operator in the world to merge bet pools by offering a combined “Quartet and First 4 Merged Pool.”

On December 4, 2014, The Football Pools (a Sportech-owned pools and tote gaming company) announced that Longitude now powers its MatchXtra football pools, which offer extraordinarily competitive odds on Premier League football as well as other matches throughout the world.

Longitude has also entered into an agreement with Tabcorp who will be implementing Longitude technology in the near future to deliver next generation pari-mutuel wagering to its New South Wales, Victoria, and ACT TAB customers.

Does a Longitude implementation make it necessary to combine all pools on an individual race into one single pool?

No.  Although some operators may prefer to aggregate all of the bet types on an individual race, a Longitude implementation can be tailored specifically to an operator’s needs.  For example, some operators may prefer to combine only their exotic wager types and run the more traditional wager types through Longitude as discrete pools.  Longitude-calculated discrete pools containing only one wager type result in the same odds as would be calculated by a traditional tote system.

Is the Longitude platform 100% pari-mutuel?

Yes.

What are the potential benefits of this technology for the horse racing industry?

The Longitude Enhanced Pari-Mutuel System™ enhances the existing wagering experience by aggregating liquidity, facilitating innovation, and providing information to the end user that was previously unavailable. Many stakeholders have the opportunity to participate in and benefit from a Longitude implementation. Benefits include:

  • Aggregated Liquidity: patrons can place large bets without having as significant an impact on the odds as those bets would have had using the traditional system.
  • New Bet Types: operators can offer a wide variety of new bet types (e.g. exotic, international, user-defined) without the need to create new pools, which would cannibalize existing liquidity.
  • Transparency: Accurate odds can be provided across all wager types - including all exotic bets - in real time.
How would Longitude's technology change the horse racing patron's wagering experience?

While the math behind Longitude Enhanced Pari-Mutuel System™ is sophisticated, the end user's experience will remain familiar. The technology provides the patron with all of the features of the traditional system, with additional capabilities and more flexibility. The transition is non-disruptive to the patron.