British Racecourses and Colossus Bets have today announced a partnership that will transform the future of pool betting in British horse racing.
The arrangement between the Project Steering Board, currently representing 54 racecourses and Colossus Bets, will ensure that customers have access to an innovative ‘exotic’ bets portfolio, including cash out opportunities, access to the ‘Syndicates’ platform provided by Colossus Bets and six and seven figure minimum guaranteed prize pools.
The team representing racecourses will now work with Colossus Bets to finalise the range of bets to be offered. The bets will be owned by British racecourses, but will be delivered using Colossus Bets’ technology.
Nigel Roddis, Managing Director of the British Racecourses pool betting project, said: “This arrangement gives us access to the most advanced and flexible pool betting platform available, so I am delighted that we have been able to partner with Colossus Bets. Innovation is a key aim as we want to offer customers an improved service and ensure pool betting is at the heart of the bets available on racing. We think that the opportunities provided by this initiative will go a long way towards us achieving that goal.
“I am particularly excited by the possibilities provided by the Syndicates feature which will enable the crowdfunding of tickets into racing pools.Syndicates will allow punters to very publicly advertise their opinions and to encourage others to join in their bets. Syndicate tickets could be created by a recognised pundit, racing personality or just a regular punter. It will be exciting and fun and should provide our Racing TV channels with compelling content.
“I’m also convinced that pool betting and cash out opportunities are made for each other. Many of us can point to times when we have been 4 or 5 legs in only to have the final leg let us down. We will provide customers with an opportunity to decide whether to take that final leg risk or bank some profits early. It will add to the drama and provide outlets for discussion on social media and more traditional media channels.”
David O’Reilly, COO of Colossus Bets said, “Pool betting on horseracing is a sleeping giant and we look forward to working with British Racing to bring cutting edge features and technology to racing punters, with life-changing prize pools.”
More details on the product offering will be provided in due course. The bets will be available on-course, via a remote betting platform to be offered by the racecourse consortium and via third party betting operators including Colossus Bets and its existing network of partner operators.