When The Nevada Gaming Commission approved of wagering on the Olympics last month, they also approved of betting on virtual events. Race and Sports book operators are now looking to technological regulatory approval to provide virtual races. The races themselves are not intended as an attempt to overtake the horse racing industry, but rather to provide “filler content” between races.
The hope is for these virtual races to help steady a declining industry. Joe Asher, CEO of William Hill U.S. said, “This is not in any way, shape or form to replace live horse racing.” Asher suggested that book which has two tracks might now be able to show four, with two of them being virtual.
William Hill plans on ushering in new technology, which would make races look like a video game, with odds as well as names for horses and tracks. The odds and outcome are however determined by a random number generator. Each race will also be an independent event.
CG Technology, on the other hand, wants to offer historical races. The races would somewhat straddle the line between virtual races and real ones. Instead of showing a simulated race, the technology would randomly select past races to show.
Deputy General Counsel Quinton Singleton said, “I believe historical race wagering is more compelling and a much more interesting product. “You have real live races that are historical races that you get to watch. You get real statistics and real data from real people.”
