Not in-play – Aussie bookies reject automated in-race pricing
The expansion of live in-race betting on Australian horse racing in overseas markets is unlikely to have any implications for Australian-based punters, with local operators remaining reliant on their trading teams to maintain their in-play odds.
Ladbrokes and Coral in the United Kingdom have launched automated in-race odds on Victorian racing this week after a deal struck between Racing Victoria and data-supply company Total Performance Data (TPD).
Under the deal, which was first announced last year, Victorian races will feature in-play odds after the jump, generated from what TPD describes as “its AI-driven proprietary pricing technology”.
It allows pricing to be generated for each runner in the race, as opposed to the current Australian model, which sees live race odds offered on three or four of the top selections, plus an option to bet on the rest of the field.
In the run pricing is already offered by TPD on British, American and Canadian racing,
“Having successfully launched the in-running service on UK and US racing, we have seen first-hand how popular it is with our customers, so we are delighted to be able to extend the service to include the quality racing staged at the Racing Victoria tracks. We look forward to working with TPD and RV on this exciting development,” Entain sportsbook director Jamie Crossfield said.
British racing, with its higher percentage of longer-distance and jumps racing, has always lent itself to in-the-run betting. British punters will now be able to bet ‘in-play’ on races at the four metropolitan tracks, Flemington, Moonee Valley, Caulfield and Sandown, plus Pakenham and Cranbourne.
In Australia, racing is the only sport that allows in-play wagering online, with all other sports only available via phone betting. However, the decline of jumps racing and the general proliferation of sprint races – 58 per cent of stakes races are over 1400 metres or shorter – given less time to bet in the run.
Delay in vision feeds has often proven an impediment to live in-race betting, but the availability of low-latency feeds is changing that.
Regardless, the overall turnover generated by in-play racing in Australia is believed to be less than 5 per cent with corporate bookmakers, while it is higher, at around 10 per cent, with betting exchange Betfair, which offers a more extensive product.
An automated solution would, in theory, add liquidity to this market. However, Australian-based bookmakers, including Entain, which operates Ladbrokes and Neds confirmed to The Straight that they will stick with their current methodology of relying on trading teams, rather than any automated feed, at this stage.
The Straight understands that the larger Australian-based bookmakers view the current automated solution as a risk. It is not known if smaller bookmakers may be looking at the solution.
Betfair offers in-play betting on all Australian thoroughbred and harness racing, but the nature of the exchange means its odds are driven by market demand, not traders, or automated pricing.
Racing Victoria says it sees an increase in in-the-run betting as a greater way to engage with punters.
“At Racing Victoria, we are always looking for ways to enhance the racing experience for punters. Enhancing the in-running betting product across our premier tracks marks a significant step forward in delivering real-time engagement and dynamic wagering opportunities,” chief technology officer James McFarlane said.
“Partnering with Total Performance Data and Entain allows us to leverage our investment in real-time tracking and positioning data, ensuring our races continue to set the standard for innovation and excitement in Australian racing.”
TPD’s solution relies on automated GPS tracking of every runner by tripleSdata.
Bren O’Brien
Author
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