The market for the latest virtual racing products is booming as horse and greyhound racetracks – and racinos – look to extend their digital brand to reach new audiences and develop new revenue streams.
That’s the view of Virtual Software which, under its Virtual Live Racing (VLR) brand, has pioneered unique tote-betting enabled, ultra-realistic products based on real life race data and is now a major player driving this trend. Until VLR’s products were launched in 2020 no tote platform had a virtual live racing product on which to accept wagers in a market worth $100billion per year. That’s why VLR is a real game-changer in the industry.
They already have five major US tracks using their products – the latest being Parx (based just 20 minutes north of Philadelphia) which is Pennsylvania’s number 1 casino and racetrack and the biggest so far to go live with VLR. Parx Casino offers state of the art gaming, thoroughbred racing, and exciting entertainment events. The 260,000 square foot Parx Casino and the 280,000 square foot Parx East (home to Parx Racing). Since Pennsylvania launched sports betting in November 2018, Parx has grown rapidly and now handles around $30million per month with around 67% of that total being online (for example, the November 2020 total handle was $28.59million, with $19.3million online).
Joe Wilson, COO, Parx Racing, commented: “Parx Racing is happy to be participating with Virtual Software Limited [the business behind the Virtual Live Racing brand] in this new and groundbreaking wagering product. VSL’s impeccable attention to detail in creating Parx Virtual, coupled with our race data, guarantee the customer a truly unique and exciting entertainment experience.”
VLR Chairman Vincent Caldwell commented: “Partnering with Parx is a major milestone for us, and the iGaming and racing industries. We’re offering tracks all over the world a no cost, risk free, revenue stream which would be a fantastic opportunity at any time, but especially right now when there is so much disruption to real racing.”
VLR has grown fast since it was launched in May 2020 but, adds Caldwell, they have even bigger ambitions for 2021: “Our next goal is to put 12 products up which would enable us to run 87,600 races a year. The goal after that is to get the wagering on each race to $3,500 per race. If we succeed in that, over $306million will be handled in wagers on our products in a full year.”
In addition to Parx, VLR products are also live at Hawthorne in Chicago, plus Florida tracks Derby Lane, Tampa Bay Downs and Palm Beach Kennel Club. VLR has also partnered with the world-famous Ascot Racecourse in England – when that product is launched it will signal the company’s entry into the UK market.