Fixed odds to give punters more choices when placing bets — Sharpe
SHARPE...what it [fixed odds] does is it tracks a younger audience, a different type of better, and it will allow you to offer a race to sell odds pretty much on any given day (Photo: Naphtali Junior)

Solomon Sharpe, chairman of Supreme Ventures Racing and Entertainment Limited (SVREL), officially announced the implementation of a fixed-odds betting system that will give punters more choices when placing their bets. After a trial run last week, fixed odds betting becomes available at the races on Saturday, December 3, 2022.

This is part of a multimillion-dollar sponsorship agreement signed with Australian horse racing betting solutions provider BetMakers Technology Group. The $70-million - five-year deal was signed in December 2020.

"We promised you changes and improvements to our product a few months ago, and we said we would not leave anyone out of the horse racing ecosystem. So, we are here to talk about the betting side of things and how we are going to use technology to continuously improve the products that we offer.

"Just about two years ago, in December 2020, SVREL and BetMakers out of Australia signed a deal to offer fixed-odds betting in Jamaica to revolutionise the whole betting product. At Caymanas Park, for a few years, we've predominantly run a pari-mutuel system, and we think it is important as the global trend moves that we move as well, and sell a parallel fixed-odds pool," Sharpe said at a press conference held at Caymanas Park on Wednesday, November 30.

Sharpe said that the introduction of fixed odds will reaffirm the industry's solid commitment to the sport of horse racing, just as it cemented Caymanas Park's position as the jewel of horse racing in the Caribbean.

"I am pleased to announce that one pillar of the game-changing partnership is ready for launch.

"We are in our first phase where we are going to be offering fixed odds to our punters. Caymanas Park can now boast that we are one of the first tracks in the western hemisphere to implement fixed odds along with tote betting, and this is a big deal.

"It is especially fitting that fixed odds are being introduced at a time when we are going to be having the inaugural running of the ultra-premium Mouttet Mile [invitational]," Sharpe stated.

Dallas Baker, head of international operations for the Australian Securities xchange-listed BetMakers Technology Group, confirmed his company's commitment to the partnership deal with SVREL.

"We believe we can turn the racing industry around through greater collaboration with our great partner SVREL, and we don't say that lightly.

"We have seen what has happened in Australia; it is the same model we are bringing over here.

"It is something that came into Australia about 10 or 12 years ago, and at that time the betting handle had gone from 10 billion to 40 billion, all on the back of fixed odds. In that time, purse money has more than doubled, facilities have been improved, racing has gone from surviving to absolutely thriving, and we believe that the fixed odds model done right, which we have done through our partners here, will provide benefits to everybody involved in the industry," Baker promised.

BY RUDDY ALLEN Observer staff reporter

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