Dallas Baker, head of international operations for the Australian Securities Xchange-listed BetMakers Technology Group, explains the concept of online fixed odds betting. (Photo: Naphtali Junior)
With on-track, fixed-odds betting a major success in local horse racing, Dallas Baker, head of international operations for the Australian Securities Xchange-listed BetMakers Technology Group, says racing fans are in for another treat as the fixed-odds betting system is gearing up to hit the online market.
Baker said that the online version of fixed odds, which will be done through the Caymanasbet.com website, will give punters more choices when placing their bets not just on local horseracing, but also on simulcast races as well.
“We will have a lot of things that you can call derivative bets. Whilst the more exotic bets like exactas, quinellas, and trifectas will still be offered with the tote, we will also offer things like the ability to back horses head-to-head. So you don’t have to win the race; you just have to beat the horse you bet against. When you have a short-odds favourite in the race, one of the good options is favourite versus the field.
“We will also be refunding your money if your horse gets disqualified. We will be paying out basically based on the result, so there will be no more losing your money if you get beat through an inquiry. This is a feature we use all around the world, and obviously this will go through the regulator for approval, but it is something we will be looking to bring in,” Baker told the Jamaica Observer.
“And also the ability to parlay horses, and this is not just at Caymanas Park but through multiple venues. If we are betting on multiple venues in the United States, you will be able to go from one venue to the next and then into Caymanas and have parlays. The online experience is going take it to an all new level,” he added.
Baker explained the registration process for punters to get access to the online version of fixed-odds betting.
“Registration will be basically like an online bookmaking site. You go to Caymanas Park, you sign up for an account as normal, and it’s just like a sports betting account or your normal MBet account. It will be the same process, you just have to open up an account, fund the account and withdraw or deposit, and bet on whatever you like.
“We won’t flood the market with all the content we got to start with, but we will be working to full capacity 24 hours a day, 365 days a year to provide betting solutions. If you are up at 3:00 in the morning, you will be able to bet on Australian racing. We will be able to announce more in the coming weeks, but yeah, it’s going to be an exciting time. The initial stage is far beyond expectation; it’s been an enormous start, and now it’s time to take it to the whole island, and we really look forward to seeing that coming to fruition in the next four weeks or so,” explained Baker.
The 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.
“From the beginning, our plan was to always start on track and then grow it out to the shop network, the off-track betting network, and online. So where we are at the moment, from an internal development standpoint, is that we have the Caymanasbet.com app as an odds display site, and we are getting very, very close to going into full production mode. We are probably a week away from finalising the site, and then it will go through an internal compliance process with Supreme Ventures and then off to the BGLC for the final approval.
“And so we are hopeful for a better three- or four-week process once we finish our work. And the good news for the punters of Jamaica is that an online version of fixed odds is going to be coming very, very soon and is going to open up a whole new mirror of betting options and betting content,” said Baker.