This story is sponsored by BetfairBetfair has signed a five-year deal with a California racetrack which will see it renamed Betfair Hollywood Park, the first ever naming rights deal for a horse racing venue in the US.
The US arm of the UK betting exchange giant said it would also look to leverage its experience, social media and other new media to attract younger punters to the Los Angeles-based venue. The UK betting exchange revealed its racing customers were nearly 20 years younger than the average US horse racing punter. Betfair’s US horse race wagering and TV arm, TVG, will also upgrade Hollywood Park Racetrack’s s simulcast signal, improving the viewing experience of races online and on TV.
Betfair US and TVG CEO Stephen Burn said: “We hope this is the first of many examples of using the assets of technology companies, such as Betfair, to revitalize historic venues such as Betfair Hollywood Park.”
The California Horse Racing Board is onsidering regulations to establish exchange wagering on horseracing by California residents. Betfair outlined its plans to the horse racing industry there in December, offering to apply a 10% commission on bets – higher than the 2% to 5% it applies elsewhere – with two thirds of this going to horse racing tracks and horsemen, in order to gain their required approval.
New Jersey also passed legislation for exchange betting last January, as part of the Garden State’s ongoing search for ways to shore up the beleaguered horse racing industry.
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