|A new joint venture has been announced- an alliance between the sports betting company, Cantor Index, and Scientific Games Corporation- a supplier of instant tickets and systems to lotteries. Scientific Games is also a supplier of wagering systems that cater for pari-mutuel operators. Together the two companies are launching a global venture aimed at pari-mutuel betting, with new forms of betting now being available on software developed by Scientific Games.|
Pari-mutuel betting is a system which places all bets of a similar type, (e.g. win; place etc) into a pool, subtracts taxes and a house commission, then distributes payoffs to all bettors in that pool, with odds being determined by how that pool distributes between the number of punters. The new products developed by Cantor and Scientific Games will be able to be run on tote systems globally.
The new form of betting developed within the product is a variation of the traditional pick six bet. A pick six is where the punter picks six winners from a set list of races. This new system being launched will instead allow punters to pick six, or in fact any specified number of winners, from any set of races they choose (of a corresponding number, i.e. 7 from 7 and son on).
President and CEO of Cantor, Lee Amaitis said of the venture, 'We are excited to be working with Scientific Games, one of the leading totalisator companies in the world. We believe that content, in this case the type of betting option, is fundamentally important to the future of horse racing. The more fun and interesting the wager, the more likely fans will return again and again.'