Chief executive officer of Supreme Ventures Racing and Entertainment Limited (SVREL) Solomon Sharpe said his organisation is pleased with the response from stakeholders towards its new fixed-odds betting at Caymanas Park.

The fixed-odds system came into effect on December 3 after a number of trials and tests during 2022.

The new fixed-odds betting system 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.

“I think fixed-odds betting has taken on very well and the market has responded very well to it,” said Sharpe.

“It has brought a different level of excitement to Caymanas Park and so far, so good, because the punters are really enjoying it,” he said.

“It has all been positive because I think Jamaica is a natural fixed-odds market, and I think we are seeing a new punter and it is all very positive and we are expecting it to grow,” Sharpe said.

He underscored that at the moment fixed-odds betting is only being offered on win and place bets at Caymanas Park, but there are plans to expand the system islandwide this year.

“I think it will get bigger and I think it will get more and more exposure and it will give the Caymanas Park and the BetMaker brand more energy,” the SVREL CEO said.

“It is still early days yet, but the first responses have been good. So usually with a next venture and a new business it takes a while to grow, but it has started very positive and we are looking for a bright future,” said the SVREL boss.

“Right now our distribution is just at the track, but we are going to expand in the months to come. Right now it is just win and place bets and so it is pretty easy and it is pretty straightforward, but going forward we are going to add different bet types and we are going to add different elements of excitement to it,” Sharpe shared.

Dallas Baker, head of international operations for the Australian Securities Xchange-listed BetMakers Technology Group, said he is very delighted with the response he has received from punters at Caymanas Park for the fixed odds and, therefore, he expects it to grow significantly in 2023.

“This is only the early stages, but it is exceeding all expectations and I think that the vast majority of people are absolutely loving it, and so we could not be happier in the first months of operation,” said Baker.

“The reaction has been fantastic. It came here knowing how passionate the Jamaican fans are and we had good expectations for it, but reactions have exceeded our expectations,” he said.

“This is just the starting point, and obviously when you are doing a project you want to take it step by step, and so as we move out into the shops and online that increases the market and that is a broader market than what is available at the moment,” Baker said.

He added: “I think that once we get over this Christmas period and most people get on deck, then everyone will be rolling their sleeves up to really start that roll-out, and so the only way is up, and that is for sure.”