Now that the U.S. Supreme Court has overturned the federal prohibition on sports betting, legal sports books will likely begin operations in New Jersey, Delaware, and West Virginia by the end of the year. With the potential for seven other states to legalize sports betting soon after, the industry could exceed $120 billion in wagers by 2023.Read the Article
Commingling, customer-centricity and Conghua will provide the major focus looking forward to the new racing season starting on September 3 under blue skies – regardless of the weather – while on-track matters will revolve around current stars, new equine heroes and a fresh boost from two new trainers.Read the Article
Wednesday night’s Happy Valley races weren’t just enjoyed by a record 29,601 fans on course; in the commingling era it seems a customer can be watching, and betting, anywhere.
An English punter enjoying a flutter in a High Street betting shop, a Hongkonger living abroad in Vancouver playing a Tony Cruz all-up and a hardcore American racing handicapper looking for an edge – all of them betting into the same ever-growing pari-mutuel pool.
This new frontier is the realisation of a vision first described by Winfried Engelbrecht-Bresges, now Hong Kong Jockey Club chief executive, at the 2007 Asian Racing Conference in Dubai.Read the Article
Alan Aitken, South China Morning Post
More meetings, more races, more commingling and hopefully more overseas horses for more international events – that’s what the new season promises when Hong Kong racing reconvenes in September.
And perhaps even more positive turnover returns despite the Jockey Club’s 2015-16 result of a 1.7 per cent drop, the first downturn in seven years after a surge since the global financial crisis.
“This time last year, the trend looked challenging and our turnover was softening in the run to the end of the season,” said Jockey Club chief executive Winfried Engelbrecht-Bresges.
“But I’m more optimistic going towards next season. Although the overall figure was down, the last three months of this season saw around 80 per cent of meetings up.
“And we had a rising trend with commingling [betting into Hong Kong pools from overseas operators], a record of HK$73 million on the final day of the season and our total commingling revenues up 31 per cent.”Read the Article
Shane Anderson, RACING.com
Tote punters are expected to get more flexible wagering products after the announcement of a strategic partnership between Tabcorp and Longitude LLC.
It is hoped that this partnership will lead to a reinvigorated tote system which is struggling as punters continually turn to fixed-odds wagering, including the development of new bet types for pari-mutuel customers.
Longitude LLC is the inventor and distributor of the Longitude Enhanced Pari-Mutuel System, a pool betting technology which allows for greater liquidity in markets and to consistently display the odds of exotic bet types.
This allows for a greater offering of bet types, accurate display of odds, and larger betting pool sizes with more stable odds. New bet types can be launched into existing pools which will generate additional liquidity.
It is hoped that this will lead towards customers one day being able to create their own bet types.Read the Article
February 3, 2016 - Tabcorp Holdings Limited (“Tabcorp”) and Longitude LLC today announced the formation of a new strategic partnership. Under the new commercial agreement, Tabcorp intends to implement Longitude technology to deliver next generation pari-mutuel wagering to its NSW, Victorian and ACT TAB customers.
Tabcorp and Longitude will work together to embed Longitude's patented Enhanced Pari-Mutuel SystemTM within Tabcorp's industry-leading, customer-facing technology infrastructure. By deploying Longitude’s unique software, Tabcorp will be able to enhance liquidity through the aggregation of pools, develop new bet types, and display odds on a vast range of wagers. This new arrangement is a key element of Tabcorp’s strategy to enhance the pari-mutuel wagering experience for its customers. The Longitude wagering platform is exclusive to Tabcorp in Australia.Read the Press Release
Lucas Marquardt, Thoroughbred Daily News.
Opportunities and obstacles in the wagering landscape were the focus of the first panel at the Asian Racing Conference, which kicked off three days of presentations and discussions Tuesday in Mumbai. The Hong Kong Jockey Club’s CEO Winfried Engelbrecht-Bresges set a pragmatic tone in his opening address.
“The global economy is facing very strong headwinds, and the general prevailing conditions will make it very challenging for the wagering business in the future,” said Engelbrecht-Bresges.
Among those challenges, he said, are general stagnation among the Top 6 betting markets, the gains made by sports betting in recent years, a shift to fixed-odds gambling in some places, and, for Asian racing in particular, the spectacular size of the illegal betting markets in the region.Read the Article
New York, November 19, 2015 - Longitude LLC, the inventor and distributor of the Longitude Enhanced Pari-Mutuel System™, today announced two recent milestones in its role as software licensing partner to the Hong Kong Jockey Club (HKJC). The Longitude Enhanced Pari-Mutuel System deployed at the HKJC has calculated the Quartet and First Four merged pool on the largest field to date, the historic 24-horse Melbourne Cup. Additionally, Longitude calculated the first-ever Winning Region Composite Win bet into the HKJC’s Win pool for the Melbourne Cup. These milestones follow the introduction of the new Composite Win, an alternative way of betting into the Win pool based on pre-determined groupings, by the HKJC on October 25, 2015.Read the Press Release
The announcements re Composite Win betting were too late for inclusion in last week's column and these bets are relatively simple to understand anyway, but with each turn of the Longitude machine towards some new innovation we move inexorably to a fascinating stage in the history of betting.
From Sunday, punters will be able to choose one of the three groups of horses in a race - top favourites, mid-pricers and outsiders - and bet on that group of horses.Read the Article
“The Jockey Club will take another step down the path towards customers one day designing their own bets with the world-first roll out of three styles of Composite Win wagers this season.
Using the cutting edge Longitude single-pool wagering engine already in use for merging First Four and Quartet bets, Composite Win will display odds for pre-nominated groupings of horses in a race.”Read the Article
The Hong Kong Jockey Club.
HKJC Horse Race Betting Limited will introduce Composite Win starting from the race meeting of 25 October. Composite Win provides customers* with a new and simplified way to pick the winner of a race.
This new alternative way of betting offers many new customer propositions:
(a) simplification for leisure customers
(b) risk-hedging for serious customers
(c) cheering a particular region or trainer for sports fans
In another world first using Longitude single-pool wagering technology, the Hong Kong Jockey Club will move further down the path of customer-devised wagers this season with "composite bets" from October.
The "alternative way of betting" was rolled out yesterday among the club's fresh marketing initiatives for 2015-16.Read the Article
Michael Cox, Thoroughbred Racing Commentary
Some regard investing as just another form of gambling -- both pursuits involve risk and choice -- and now technology initially developed for the stock market has the potential to revolutionize totalizator betting across the globe.
The Hong Kong Jockey Club (HKJC) boasts the biggest per-race betting handle in the world, and when they teamed with U.S. company Longitude in January to merge the pools of the First 4 (first four any order) and Quartet (first four in order) bet types, it marked the first time two pari-mutuel pools had been combined anywhere in the world.Read the Article
New York, March 19, 2015 - Longitude LLC, the inventor and distributor of the Longitude Enhanced Pari-Mutuel SystemTM, today announced that it had reached the important milestone of US$1 Billion in customer wagers calculated using the patented Longitude software. Deployed for the calculation of odds on both horse racing and sports, Longitude allows operators that license its software an unprecedented degree of flexibility in the delivery of new bet types, the combination of existing bet types into single pools providing superior liquidity, and the highest possible level of integrity and transparency, including the continuous display of odds on all wager types.Read the Press Release
The merging of the Quartet and First Four pools went off with a rise in turnover and without a hitch, even though thrown a curve ball with the dead-heat for fourth in one race. The separate Quartet and First Four pools had aggregated something just south of HK$50 million in turnover in the past, but some HK$67 million was wagered on the two bet types yesterday as they shared turnover for the first time.Read the Article
And then there’s Longitude – as Hong Kong, quietly, takes the step on Sunday that will change horse-race betting forever. Longitude has been here since the reintroduction of the Quartet, a year ago this weekend, but its single-pool wagering technology has not really been touched. Yes, that technology was how a Quartet punter, choosing the first four finishers, in order, was able to get a real-time dividend for any of the 24,024 combinations in a 14-horse field.Read the Article
The Jockey Club will take a world-first step down the path to the future of wagering on Sunday when it merges pools for the Quartet and First Four bet types using single-pool wagering technology. On January 19 last year, the club joined with New York-based Longitude to offer the Quartet bet, which has proved a success with a relatively simple use of Longitude’s underlying technology, other than allowing fans to know real-time dividends for individual Quartet combinations.Read the Article
The Hong Kong Jockey Club announced today (12 January) that the Quartet and First 4 racing bet types will be combined to form the “Quartet & First 4 Merged Pool”, effective from the race meeting on Sunday 18 January. Quartet and First 4 will now be offered for every local race with six or more starters and a new jackpot feature will be added to the Merged Pool. PhotosRead the Press Release
The Football Pools is pleased to announce the launch of MatchXtra, an exciting new punter-friendly pool betting opportunity. MatchXtra uses innovative pools technology from Longitude LLC, a New York-based technological solutions company, to offer exceptionally competitive odds on Premier League and other matches throughout the world.Read the Article
The Jockey Club hopes to roll out new bet types next year tailored to increase its user friendliness and flexibility, and to take advantage of the world-first Longitude engine behind the success of the Quartet.Read the Article
Michele MacDonald, Thoroughbred Daily News.
Since the HKJC has identified that customers want higher pay-outs without having to study detailed racing form or complicated betting instructions, the club has sought to develop new or upgraded bet types, including the Quartet, which now generates about US$1.5 million in handle per race.Read the Article
Last year, when we posted an attempt to explain Longitude's single pool wagering, we received a significant amount of feedback - mostly in the form of "please don't write about that again because our brains hurt after reading it".Read the Article
As a leading racing organisation committed to innovation and the application of new technologies, The Hong Kong Jockey Club has announced that it is adopting the globally patented Longitude technology for the first time to support the relaunch of Quartet from the racing meeting of 19 January. Quartet requires customers to pick the first four horses to finish in correct order in selected races.
Longitude technology performs advanced pari-mutuel mathematical calculations using sophisticated processing units. Originally developed for trading assets in the financial industry, the technology has been re-engineered to facilitate pari-mutuel wagering at very high speed on horse racing. It allows real-time odds display for all available combinations in exotic pools which represents a significant new benefit for customers, particularly given the high volume of wagering into The Hong Kong Jockey Club’s pools.Read the Press Release
Alan Aitken, South China Morning Post.
A world-first system will be used, with bettors required to pick the first four horses in order
The Jockey Club will relaunch a the Quartet wager from January 19,more than a quarter of a century after discarding it but this time using a world-first calculation technology.Read the Article
The Hong Kong Jockey Club.
The Hong Kong Jockey Club today announced two more key initiatives in its drive to promote a total racing entertainment experience for customers, with the relaunch of the Quartet bet and the opening of two new themed venues at Sha Tin Racecourse.Read the Press Release
On April 22, 2013, Hong Kong Jockey Club announced the signing of a strategic technology services agreement with Longitude
The Hong Kong Jockey Club today announced the signing of a strategic technology services agreement with Longitude, a provider of next-generation information technology that performs advanced pari-mutuel mathematical calculations in a low latency computing environment using sophisticated graphics processing units. In keeping with the Jockey Club's role as a global industry leader in the application of innovative technologies to its customers and betting services, the Club will incorporate Longitude as a new addition to its technology environment and anticipates its introduction in the fourth quarter of this year.Read the Press Release
Following the announcement of Sportech's interim results on 23 August 2012, in which it was highlighted that the Company was in discussions with a third party to bring to market a new and exciting complementary pools offering, Sportech is pleased to announce the signing of a strategic technology services agreement with Longitude for exclusive distribution of its single pools product within Europe and India for sports pool betting.
Dan Singer - Director, Media and Entertainment Practice, McKinsey & Company - on evaluating innovative wagering platforms for Thoroughbred racing:
"First, let's start with single-pool wagering. That's a technology that would allow tracks to combine all wagers into a single pool for each race. Single-pool wagering can provide decimal odds, limit betting, and increased liquidity, while also facilitating new bet types. It's very interesting technology. ...we think that single-pool wagering is quite promising."
On November 8, 2010, Longitude LLC announced that it is exploring new business opportunities for its patented technology platform. Longitude’s calculation engine uses parimutuel principles to aggregate liquidity and produce fair and efficient prices for event-driven transactions. The innovative features of this proprietary system enable a broad range of possible applications. Among the business opportunities being considered, Longitude is exploring the introduction of its powerful technology platform to the parimutuel wagering industry, where it can provide increased transparency, improved record keeping, and the efficiencies of a single parimutuel wagering pool.
In connection with these efforts, industry expert Dennis Dowd, who is consulting on behalf of Longitude, gave a public testimony in front of a committee of the New Jersey State Senate on November 8 to describe the benefits of a bill that would allow single pool wagering for horse racing in the state of New Jersey. The approval of this bill would enable technology providers to introduce innovative and efficient new mechanisms that would increase transparency in the industry. Many parties, including horsemen, patrons and multiple operations and technology providers, would have the opportunity to participate in and benefit from single pool wagering.Read the Article