BETFAIR BREEDERS’ CUP AGREEMENT - PROTOTYPE FOR THE FUTURE
Greg Avioli, Breeders’ Cup President and CEO, today called an agreement with Betfair for common-pool wagering on the 2009 Breeders’ Cup World Championships next month as “the gateway to the future”.
Speaking at a lunch in London, England, at which the announcement of the partnership was made, he said: “The world is shrinking and country and state borders are less meaningful.
“This agreement will provide the 2.5 million customers of Betfair with the best possible value because of high payouts due to the increasing size of Breeders’ Cup pools.
“We want this agreement to be considered as the prototype for the future of worldwide betting and racing.”
Breeders’ Cup first common-pool international wagering initiative was with the French 13 years ago. This allowed people in French PMU outlets to bet directly into Breeders’ Cup pools.
Canada followed in 2005 and then South Africa and the British and Irish totes got involved. Last year saw US$17.6 million of the US$155 million bet into the Breeders’ Cup pools generated from international sources and Avioli hopes this increases to 50 per cent.
He characterised the worldwide betting market as being worth some US$100 billion of which currently 20 per cent is in common-pool betting and wants this to rise significantly.
He would like other international betting companies to enter into similar agreements with the Breeders’ Cup.
Betfair, which has been busy concluding deals with US racetracks for customers to bet directly into their pools, is providing these racetracks with revenue share from not only pool wagers but also exchange bets.
Stephen Burn, Betfair’s Director of Horseracing, commented: “What has happened in Australia shows that Betfair brings in new business rather than cannibalisation and similarly we will provide new international customers to the American market.
“We employ 450 engineers to work on Betfair’s backend so that customers have the bets they want quickly and efficiently. Our technology can help the Breeders’ Cup and US racetracks.
“We expect massive interest in the Breeders’ Cup pick sixes and other exotic bets while there will be trading opportunities between the US pools and exchange betting which will boost turnover.
“We are very committed to racing worldwide and want to see that it thrives rather than just survives.”
Breeders’ Cup and Betfair had been in discussions for four years about partnership opportunities but matters came to a conclusion this year following Betfair’s purchase of specialist American horseracing television channel TVG which sponsors the Breeders’ Cup Mile.
Television coverage of the 26th Breeders’ Cup World Championships, run at Santa Anita, California, on Friday and Saturday, November 6 and 7, reaches 140 countries.
Andy Stewart, joint owner of sprinter Fleeting Spirit, was present at the lunch and revealed that Frankie Dettori will ride the filly in the Breeders’ Cup Sprint over six furlongs on Pro-Ride. Fleeting Spirit will also be entered in the Breeders’ Cup Turf Sprint as a precaution. Dettori takes over from Tom Queally.
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