Isle of Man based firm Virtual Software has launched a new concept in live virtual racing products this week which features fully rendered replicas of real tracks, stunning graphics, and results based on historical race data in partnership with leading American racetrack venues.
Virtual Live Racing is a global first, claims the firm, because races are based on anonymized and encrypted data from real-life thoroughbred, harness and greyhound races – a huge leap forward compared to RNG (Random Number Generator) products that are currently offered by legacy market suppliers.
A number of tracks are live including Derby Lane and Tampa Bay Downs in Florida. Five other tracks are signed and are soon to be launched, including Hawthorne in Chicago, and Parx in Philadelphia.
The product is available to all tote systems in the US via distribution through Amtote International’s Spectrum betting system which is the leading technology tote provider in the USA, enabling tracks to accept wagers from players and create a brand new risk-free revenue stream.
Virtual Software, operating from its Manx HQ, 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.
The launch of VLR is the result of several years’ hard work by the firm’s highly experienced executive team which, along the way, has led to some historic milestones for the industry. Most notably these include a State of Oregon Legislature Senate Bill which made history by granting regulatory approval for virtual racing products.
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 anonymized 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 parimutuel wagering model, have a massive potential because it allows market access into an existing $11bn USA parimutuel wagering market, and other access points into international regulated racing markets valued at $100bn.”