Betinternet founder Vincent Caldwell, Chairman of Virtual Tech, has unveiled a new Virtual Live Racing platform that will offer a compliant 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 anonymized and encrypted data from real-life thoroughbred, harness, and greyhound races.
Caldwell declared: “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.”
The tracks will feature Derby Lane and Florida’s Tampa Bay Downs, with a further five tracks already signing an agreement. The product will be made available by distribution through the Spectrum betting network by Amtote International to all tote systems in the US.
Virtual Live Racing was developed for the pari-mutuel or fixed odds betting industries by Isle of Man-based company Virtual Software which has a proven track record of innovation in the digital product growth.
Chairman Vincent Caldwell founded one of the first online wagering companies in the world (betinternet-licensed in the Isle of Man) and then became the first such company to be listed on the London Stock Exchange.