RAS Technology Holdings Limited(ASX:RTH) is pleased to announce the entry into an agreement by its wholly-owned subsidiary, Racing and Sports Pty Limited, with XB Net to deliver wagering technology and race-day data and control for XB Net racecourses.
XB Net courses extend throughout the United States and Canada for thoroughbred, harness and greyhound racing for export distribution to wagering operators worldwide (excluding distribution within North America), with services to commence from early December 2021.
XB Net, the leading provider of premium content for North American thoroughbred, harness and greyhound racing, represent premier courses such as Gulfstream Park (Miami, FL), Santa Anita Park (Los Angeles, CA), and Pimlico Racecourse (Baltimore, MD).
XB Net represents 60 racecourses in North America and covers 45.000 races per year.
Racing and Sports Trading Manager expansion
This agreement is strategically important for Racing and Sports as it expands the use of its Trading Manager platform and Race-day Control services for North American racing.
The Racing and Sports Trading Manager provides a managed trading solution that includes pricing for fixed-odds, exotics and derivatives. It features a rules-based configuration with the option of automated risk and liability management, as well as integrated statistics and analytics to support rapid decision making by wagering operators’ traders.
The Race-day Control service is a managed service on behalf of wagering operators, controlling race-day event triggers and information updates to facilitate wagering activities.
A key aspect of this agreement is the technology integration between XB Net’s racecourses and the Racing and Sports Trading Manager Platform and Race-day Control services.
This is significant as it facilitates a live connection between RAS and each XB Net covered racecourse, where RAS receives a live data feed streamlining Race-day Control.
As well as fixed odds which are generated by XB Net using the Racing and Sports Trading Manager for distribution to wagering operators who provide wagering on North American racing worldwide (currently excluding distribution within North America).
International expansion into high-value markets, particularly the US, UK and Europe, is one of the key pillars of Racing and Sports’ growth strategy, and this agreement represents an important step towards the achievement of this objective.
The agreement expands on Racing and Sports’ appointment earlier this year as the exclusive distributor of XB Net’s North American racing content into Australia and New Zealand.
Racing and Sports growing strategic kinship with XB Net
Racing and Sports has worked closely with XB Net since April 2021, which has led to further strengthening of the relationship through the signing of this multi-year contract for the Trading Manager Platform and Race-day Control services.
CEO, Stephen Crispe, welcomed the agreement as a highly strategic move in the pursuit of Racing and Sports’ (RAS) international growth strategy, and made these remarks.
“We are delighted to have entered into this new contract with XB Net to provide wagering technology and race-day data and controls for North American thoroughbred, harness and greyhound racing for export into the worldwide wagering market.”
“The deal strengthens the existing commercial relationship between Racing and Sports and the major rights holder in the North American racing market.”
“Wagering participants are seeking sources of competitive differentiation, such as through the provision of enhanced content and through the deployment of technology solutions.”
“In business it is always gratifying when an existing customer wants to expand its relationship with a partner and this contract is a significant endorsement of our wagering technology stack that has been developed and commercialised by the Racing and Sports team.”
“Continuing to grow the RAS business into markets such as North America, is integral to our growth and we are pleased to have concluded this agreement so soon after the IPO.”