The New Zealand Racing Board (NZRB) announced that it has given its consent to allow two gaming companies to deliver a new fixed-odds betting platform. The companies chosen by the New Zealand Racing Board to provide the technology solution as well as the necessary supporting data for the business are OpenBet and Paddy Power Betfair.
Glenda Hughes, the Chairwoman of the New Zealand Racing Board revealed that thanks to the investment, the NZRB will get access to OpenBet’s leading fixed-odds betting engine. Ms. Hughes explained that the latter was used by a large number of major wagering organisations on a global scale, but OpenBet would now join the NZRB on its way to international wagering growth and innovation.
NZRB Chair further said that the two companies chosen by the Board as its latest partners were considered as leaders in digital, sport and in-play betting. According to Ms. Hughes, the three aforementioned business directions were some of the largest opportunities for future growth.
The investment comes as an important addition to the existing fixed-odds betting business of the New Zealand Racing Board. The addition of the new platform is expected to help the NZRB to strengthen its fixed-odds betting business in order to meet the recently increasing customer demand. This investment will also probably provide the New Zealand Racing Board with the opportunity to become more competitive and be able to face the rivalry of international wagering organisations.
The new fixed-odds betting platform was one of the major strategic objectives of the Board. The latter is also focused on other initiatives, including race-fields legislation, channel and customer improvements, racing calendar optimisation. All of them are expected to significantly boost the annual net profit of the Board.
So, lately, the NZRB has been focused on enhancing its fixed-odds betting offering. At the beginning of 2017, the Board inked a partnership deal with the leading digital gaming supplier NYX Gaming Group, under which collaboration over the detailed design phase of the new FOB platform project of the NZRB was agreed.
Also, in April 2017, the New Zealand Racing Board announced its determination to further invest in the above-mentioned initiatives. The Board also revealed its determination to deliver some of the upcoming funding increase exactly from these objectives by providing an additional $24 million over the upcoming two years. The investment is aimed at enhancing participation and investment in racing.
Speaking about the future effects of the fixed-odds betting offering improvement, the Chairwoman of the New Zealand Racing Board also explained that the new offering was expected to further complement the current Tote portfolio, making it even more competitive. According to Ms. Hughes, that would help the NZRB consolidate its position in order to manage its turnover across the entire product range by taking into account the specific customer and channel preferences.