Central Betting Exchange in ND--PTC Partner

[trigger]

"Riddell is a real estate broker specializing in horse farms and also a senior partner in Fargo’s Premier Turf Club, an off-track betting parlor and simulcast provider.

Riddell envisions an ultra-high speed data service that uses the state’s fiber optic network to eliminate the existing lag time in horse race betting that he says has driven many North American wagerers to place bets with illegal bookmakers."

http://www.thedickinsonpress.com/articles/index.cfm?id=12948&freebie_check&CFID=69497682&CFTOKEN=57316590&jsessionid=88309f4cb6c07d72352c

[Pace Cap'n]

Registration required.

[Premier Turf Club]

"Riddell is a real estate broker specializing in horse farms and also a senior partner in Fargo’s Premier Turf Club, an off-track betting parlor and simulcast provider.

Riddell envisions an ultra-high speed data service that uses the state’s fiber optic network to eliminate the existing lag time in horse race betting that he says has driven many North American wagerers to place bets with illegal bookmakers."

http://www.thedickinsonpress.com/articles/index.cfm?id=12948&freebie_check&CFID=69497682&CFTOKEN=57316590&jsessionid=88309f4cb6c07d72352c


Joe is a smart guy, and has been around this game for more than 40 years as a player, owner, trainer, bloodstock agent, farm manager amongst other things.

This an idea Joe has been discussing for a long time, and one that everyone has always liked in theory but no one has been willing to commit capital to. Not just for reducing lag time between odds updates but also to act as a clearinghouse for all settlements. There's no reason why all track to track and track to ADW settlements aren't completed in 1-3 days a la equity, fixed income, options and commodities exchanges. The wait now to settle can be as long as 90 days.


BISMARCK — North Dakota should create a central betting exchange for the North American horse racing industry, a Kentucky businessman has told the state Racing Commission.The network would be an impartial operation that could generate tax revenue—say, $30 million per year—for the state while offering a valuable service to the racing industry, said Joe Riddell of Lexington, Ky.

He told commissioners at their meeting Monday to think of such an exchange like a bank processing center.

“North Dakota is uniquely set up because you’ve got this great fiber optic system,” he said. An exchange could cost $1 million to build and then would be run by the racing industry.

[Ernie Dahlman]

Ian,
This is a very important subject for bettors. We have to put our money up before we bet. Payoffs on our winning bets should be made immediately.

[Indulto]

Ian,
This is a very important subject for bettors. We have to put our money up before we bet. Payoffs on our winning bets should be made immediately.Isn't it of more importance to ADW operators with usually positive settlements on their end than for legal ADW customers (bettors) who apparently have no problem getting their accounts credited (and, except for IRG customers, getting paid)? How would quicker track-ADW settlements get individual ADW customers paid any faster than they are now by their respective vendors?

[Ernie Dahlman]

Indulto,
With a 1-3 day settlement period between racetrack to racetrack and racetrack to ADW the situation that Lien Games and NYRA are in would not exist.

[Premier Turf Club]

I just wanted to point out publicly what I said offline about this.

The whole betting hub is Joe giving back to the industry. He is one of the most altruistic people I know and just loves the game. PTC wouldn't own anything or make one nickle from it. We are willing to help build it if they'd like our input but this would be a co-op for the benefit of all tracks and ADWs.

I personally think it's a terrific way to modernize things and I would do anything I could to help.

[Indulto]

Indulto,
With a 1-3 day settlement period between racetrack to racetrack and racetrack to ADW the situation that Lien Games and NYRA are in would not exist.I suppose that situation would be less likely to occur, but once they decided not to pay, the amount would probably have been less and you would have gotten the bad news sooner.

BTW how will the expected shutdown on Jan, 1 impact you?

[highnote]

If this "betting exchange" only costs a million dollars then why isn't it being put in place right now? That's pocket change to a lot of people.

[Ernie Dahlman]

Indulto,
I believe there will be a settlement and everything will be business as usual. However, I won't be buying or claiming any NY breds until there is clarity in this situation.

[Premier Turf Club]

If this "betting exchange" only costs a million dollars then why isn't it being put in place right now? That's pocket change to a lot of people.

Because it will change the way the totes and the tracks do business. The hold-up has nothing to do with cash.

Rich Rosa and I have talked about tech stuff like this and I know he can back me up that it's not big, big money to build a central tote.

[rrbauer]

Because it will change the way the totes and the tracks do business. The hold-up has nothing to do with cash.

Rich Rosa and I have talked about tech stuff like this and I know he can back me up that it's not big, big money to build a central tote.

There is ABSOLUTELY no greater resistance to change in the industry than by the tote companies. Those people have zero vision, zero desire to upgrade anything and a zillion excuses why nothing can be changed or improved. But, like all of the other player-unfriendly aspects of the game, nothing is going to change as long as horseplayers continue to throw their money at it.

[highnote]

Because it will change the way the totes and the tracks do business. The hold-up has nothing to do with cash.

Rich Rosa and I have talked about tech stuff like this and I know he can back me up that it's not big, big money to build a central tote.


I hear what you're saying. Still, if someone would step up to the plate and start signing up one track at a time then more tracks would jump on board once then see the benefits.

No track is forced to sign up with a particular tote service. If the tote's want to survive then they need to find new ways to be competitive.

Perhaps in 20 years the totes will offer services not even dreamed of now if they are forced by the marketplace to be competitive.