|American firm Net Exchange has announced the development of a bookmaking technology for exotic bets that it believes will energize race wagering, just as poker has energized online gaming.|
Formed by faculty members from the California Institute of Technology in 1994, Merced-based Net Exchange stated that its combinatorial automated market maker (CAMM) technology can manage win, place, forecast, reverse forecast and tricast bets all at similar risk premiums. It said that such value-priced exotics promise dramatic increases in UK horse and greyhound betting volumes.
The company has two product lines, deal optimisation solutions based on combinatorial call market (CCM) technology and the new CAMM solution, which is an automated bookmaker for a race betting system.
Net Exchange is now seeking to license the CAMM solution to one or more UK partners and assist these in capturing some of the massive potential of fixed-odds exotics in the British market. The business said that it would be holding meetings with interested and credible parties in London throughout the month of November.
The American company stated that it pioneered the commercial use of combinatorial auctions and exchanges, releasing its first auction in 1993 before its first exchange in 1995. It stated that CAMM's ability to pool liquidity among and transact across interrelated contracts enables exotic bet functionality that adds substantial value in racing jurisdictions such as the UK where fixed-odds wagering predominates.