Business
JM | Dec 22, 2020

Horseracing in Jamaica gets big boost with historic deal

/ Our Today

administrator
Reading Time: 3 minutes

SVL, Betmakers Technology agreement to see fixed odds from Caymanas Park and global distribution from island

Horseracing in Jamaica has got a big boost with yesterday’s (December 21) official signing of a deal between two subsidiaries of regional gaming company Supreme Ventures Limited (SVL) and global horse racing network BetMakers Technology Group.

The deal with Prime Sports Jamaica Limited and Supreme Ventures Racing and Entertainment (SVREL), both subsidiaries of SVL, and BetMakers along with its subsidiary, Managed Trading Services is to result in an expansion of the horseracing business in Jamaica.

The highlights of the deal, inked during a press conference last evening at The Jamaica Pegasus hotel, include exclusive agreements with SVREL, a five-year deal to manage fixed odds on all racing at SVREL venues and online in Jamaica as well as a five-year deal to distribute Jamaican racing from Caymanas Park internationally.

Executive Chairman of Supreme Ventures Limited, Gary Peart. (Photo: YouTube)

Under terms set out in the exclusive five-year agreements, BetMakers has secured the rights to manage fixed odds wagering (through its Managed Trading Services division) for fixed odds bets placed on all horseracing, including Jamaican and international race meetings, through SVREL channels including their online site, at more than 100 Off Track Betting (OTB) parlours and on track at Caymanas Park.

The agreements also secure exclusive rights for BetMakers to exclusively distribute and manage (through its Global Racing Network) all racing data, including fixed odds for horseracing at Jamaica’s leading race track Caymanas Park (owned by SVREL) to international online wagering operators.

While it is not currently possible to quantify the economic impact of the Data Distribution Agreement or the MTS Agreement, the Board of Directors of BetMakers believes that this will have a material impact on the company’s revenues once the commercial arrangements have been implemented.

Sponsorship agreement also part of the deal

BetMakers has also entered into a sponsorship agreement with SVREL pursuant to which BetMakers will sponsor and have exclusive naming and branding rights to a new trainers pavilion to be constructed at Caymanas Park and be a named sponsor with broad advertising rights at key SVREL events.

“We are very proud to be one of the first tracks that will implement the sophisticated Fixed Odds system that BetMakers provides, and we see this new deal as a major transformational change for the Jamaican horseracing industry.”

SVL Executive Chairman Gary Peart

SVL Executive Chairman Gary Peart was proud about completing the deal, stating: “We are delighted to choose BetMakers as our partner in this venture as BetMakers has proven itself as the global leader in horseracing distribution and betting solutions built on superior technology and integrity-based platforms.”

He remarked that SVL believes that the fixed odds innovation that BetMakers has championed in North America will deliver a huge benefit to the global racing industry as it competes against other sports in an increasingly competitive sports betting market.

“We are very proud to be one of the first tracks that will implement the sophisticated Fixed Odds system that BetMakers provides, and we see this new deal as a major transformational change for the Jamaican horseracing industry,” Peart stated.

According to the SVL executive chairman, “What BetMakers are bringing to the table for Supreme Ventures and Caymanas Park provides the racing industry in Jamaica with a tremendous boost and opportunity for major growth as well as vastly benefitting the Jamaican betting public.”

For his part, BetMakers Managing Director Todd Buckingham said his company was equally excited to partner with Supreme Ventures and Caymanas Park to bring fixed odds betting on horseracing into Jamaica and to export the Caymanas Park race meetings through its Global Racing Network to the rest of the world.

“This new deal again highlights our business model and intentions to partner with regulated race tracks and licensed wagering operators across the world to help sustain and grow any region’s racing industry through a globalisation of racing using BetMakers’ data and technology platforms,” Buckingham declared.

Caymanas Park set to benefit immensely

He added that “BetMakers intends to use its products as well as the knowledge and learnings from the vibrant Australian racing and wagering market to work with Supreme Ventures in making Caymanas Park not only the jewel in the crown of Caribbean racing, but also to become a truly international racing destination for punters, which can benefit the racing industry and all of its stakeholders in Jamaica.”

Comments

What To Read Next