Betmakers develops integrity platform for Racing Victoria
Under a software development agreement, BetMakers has developed and delivered a custom-built technology solution for Racing Victoria known as the Racing Victoria Integrity Platform ("RVIP"), which will be implemented across their racing program.
The RVIP manages a range of data points, identifies and flags irregularities and maintains data in easy-to-use formats for stewards and authorities.
The new RVIP uses BetMakers technology and its custom built features enhance transparency and monitoring by racing authorities, including:
- Real-time tracking of data, such as price movements and associated betting patterns;
- Host engine that ingests ratings and performance indicators created by the racing authority and BetMakers, and matches these with actual performances;
- An alerts system to flag inconsistencies;
- Database and library functionality that stores and recalls any integrity comments associated with individual horses, trainers, jockeys, owners and wagering movements;
- Video analysis and management portal for tracking past performances; and
- Linked to betting patterns and comments for recording and recall capabilities.
As part of the new partnership, BetMakers and Racing Victoria have entered into a licence agreement pursuant to which BetMakers has been granted an exclusive licence to distribute and commercialise the integrity platform technology as a customisable solution to racing authorities in Australian and International markets, including thoroughbred, harness and greyhound racing authorities.
The Company expects the new deal, the terms of which are annexed to this announcement, will have a material impact on its business.
BetMakers Chief Technology Officer, Mr Karl Begg, said: "In working with Racing Victoria on delivery of this new integrity platform over the past 12 months we are now excited for RVL to launch it into the market as a first-of-its-kind solution for racing authorities anywhere in the world."
Racing Victoria Executive General Manager - Integrity Services, Jamie Stier, said: "Integrity is vital to the ongoing success and health of the Victorian thoroughbred racing industry.
Over the past 12 months we have worked closely with BetMakers to develop a global standard platform that will be critical to the digital evolution of Racing Victoria's ability to analyse form data in a timely and effective manner.
BetMakers has a great understanding of the Victorian racing industry, and we are delighted to work with a like-minded organisation to create the RVIP; a powerful tool to access realtime and historical data in a central, easy-to-use system.
The introduction of this bespoke platform is an important technological development that will not only benefit our integrity staff to better manage the unique challenges they face, but is a long term investment to ultimately support the wider industry.
The development of the RVIP software also showcases Racing Victoria's commitment to further strengthen its digital capabilities and integrity structures to support the longevity of racing in Victoria."
BetMakers Chief Executive Officer, Mr Todd Buckingham, said: "The BetMakers group is delighted to extend its commercial partnership with Racing Victoria. The delivery of the RVIP follows last month's implementation of the BetMakers' new Barrier Tech products at Victorian racecourses and we are very happy with the end solution delivered for the management of Integrity across their racing. The exciting part of this deal for BetMakers is the exclusive license to commercialise this product Domestically and Internationally. We see this as a must have solution for any racing body who wants to provide its Integrity unit with the best available tools to ensure its racing is of a high quality from an Integrity point of view."
RVL is a public company which was established in 2001 to provide independent governance of the Victorian thoroughbred racing industry.
RVLs objectives are to develop, encourage, promote and manage the conduct of thoroughbred racing by encouraging broad participation and sustainably growing the industry's economic and social value.
RVLs vision is "Racing For All". RVL want more people, more often engaging and enjoying our sport.
For more information on RVL, please visit www.racingvictoria.com.au
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
Betmakers Technology Group Ltd