Tabcorp looks to new technology for cutting-edge betting options

 Horse racing officials, looking to revitalize the pari-mutuel betting model, are turning to the financial world for technology to enable the development of new and complex bets. Pari-mutuel wagering has long formed the financial backbone of horse racing, but as the sport comes under serious threat from sports betting and illegal bookmaking activities, the popularity of the “totalizator” has waned. Complex technology originally applied to solve liquidity problems in derivative markets may now be the thing that comes to the rescue. In a case of Wall Street meeting the racetrack, New York-based company Longitude’s patented single pool wagering technology, dubbed the “enhanced pari-mutuel system” has now been adopted by Australian wagering giant Tabcorp across its three-state operation. The technology has been in use at the Hong Kong Jockey Club for the past year, “Pari-mutuel remains a significant part of the Tabcorp business – we handle around A$7 billion ($5 billion) per year –...

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