Betinternet founder Vincent Caldwell launches live virtual racing products

Betinternet founder Vincent Caldwell launches live virtual racing products

Online betting pioneer, Vincent Caldwell creates another first with live virtual racing products.

A new concept in live virtual racing products has been created which features fully rendered replicas of real tracks, stunning graphics, and results based on historical race data in partnership with leading American racetrack venues.

Virtual Live Racing is a global first because races are based on anonymised and encrypted data from real-life thoroughbred, harness and greyhound races – a huge leap forward compared to RNG (Random Number Generator) products that are currently offered by legacy market suppliers.

A number of tracks are live including Derby Lane and Tampa Bay Downs in Florida. Five other tracks are signed and are soon to be launched, including Hawthorne in Chicago, and Parx in Philadelphia. The product is available to all tote systems in the US via distribution through Amtote International’s Spectrum betting system which is the leading technology tote provider in the USA which enables tracks to accept wagers from players and create a brand new risk-free revenue stream.

Virtual Live Racing has been created by Isle of Man-based company Virtual Software which has a proven track record of innovation in digital product development for the pari-mutuel or fixed odds betting industries. Chairman Vincent Caldwell started one of the world’s first online wagering companies (betinternet – licensed in the Isle of Man) which then went on to become the first such company to list on the London Stock Exchange.

The launch of VLR is the result of several years’ hard work by their highly experienced executive team which, along the way, has led to some truly historic milestones for the industry. Most notably these include a State of Oregon Legislature Senate Bill which made history by granting regulatory approval for virtual racing products.

Caldwell said: “While virtual racing products operate in over 40 countries and are very much a mainstream wagering product with billions of dollars bet on them each year, we have identified a niche opportunity for a unique product. We’ve developed a real-time rendering engine deployed to deliver horse, harness and greyhound racing with high quality graphics and animations. Unlike other products, our technology ensures that a racetrack’s intellectual property in the form of historic race data is anonymised and encrypted so outcomes cannot be known prior to the race being run. We believe that Virtual Live Racing products, which are built on a pari-mutuel wagering model, have a massive potential because it allows market access into an existing $11billion USA pari-mutuel wagering market, and other access points into international regulated racing markets valued at $100billion.”

VLR has a strong executive team with a wealth of industry knowledge and experience. Dave Mousley is Chief Creative Officer, and Angus Wood, Chief Software Architect. Dave, of Island Broadcasting Media Limited, was the co-founder of Red Vision which created the world’s first major virtual racing products. Those products currently generate more than $8billion gross gaming revenue annually. He led his team to win two BAFTA and two Royal Television Society awards for technical and creative innovation. Dave and his team were twice nominated for Emmy awards in the United States for computer graphics and virtual effects.

Angus, also of Island Broadcasting Media Limited, was formerly CTA at Inspired Gaming where, following the acquisition of Red Vision, he oversaw their growth to become the leading developer of online virtual racing products. His role included responsibility for the technical development and security operations of over 90,000 wagering terminals and machines as well as substantial server-based wager testing. VLR is represented in the US by Derby Lane and their executive team, and VLR’s Business Development Consultant Joey D Michaels who is responsible for building relationships with track owners and online Account Deposit Wagering (ADW) betting operators to drive expansion into tracks, casinos, and off-track betting outlets.

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