Betfair US, the Los Angeles-based subsidiary of leading online betting exchange Betfair, has entered into a five-year agreement with Hollywood Park Racing Association (HPRA), operator of the Hollywood Park Racetrack which has been renamed Betfair Hollywood Park.
The HPRA said the deal was a “groundbreaking agreement intended to transform the customer experience for racing fans at the historic venue, online and on television.”
The association claims that the renaming of its venue as Betfair Hollywood Park marks the first naming rights agreement ever for a horseracing venue in the United States.
“We realize that US racing, and California racing in particular, simply cannot continue on as it has,” said Jack Liebau, president of Hollywood Park Racing Association. “We need to look at the way we do everything in presenting our product to the public and not be afraid to embrace change, particularly if we are going to generate a younger fan base.”
Subject to Hollywood Park receiving assurances regarding its racing dates for 2013, Betfair will also make significant infrastructure investments and improvements at the Hollywood Park facility to create the Betfair Club and Betfair Lounge, which will offer customers modern surroundings and access to state-of-the-art technologies to interact with the racing product.
Betfair said that this will build on the success of its innovative Betfair Lounge at Ascot Racecourse in the UK. The company said that it will utilise its own marketing initiatives to drive younger demographics to the racing venue and monetise them, supported by traditional marketing campaigns on TVG and in the Los Angeles market.
“We are deeply committed to changing US horseracing for the better and are delighted to find a partner in Hollywood Park Racing Association willing to take the bold step of trying to change every facet of the racing experience to appeal to a broader, younger audience,” said Stephen Burn, CEO of Betfair US and TVG. “Horseracing is a wonderful sport, but it must embrace cultural change and utilize advancements in technology and presentation to survive and thrive just as other sports and entertainment industries have done.
“We hope this is the first of many examples of using the assets of technology companies, such as Betfair, to revitalise historic venues such as Betfair Hollywood Park.”
Betfair subsidiary TVG will produce the Betfair Hollywood Park simulcast signal and related TVG television programming, as well as introduce advanced graphics packages similar to those used in network broadcasts of major US sporting events to enhance the user experience and data available from the product.
“We believe that partnering with Betfair to modernise the product will benefit California racing,” continued Liebau. “Exchange wagering is another possibly transformative technological change for horseracing. However, it will only be introduced after a thorough consultation with our Horsemen and Horsewomen and, of course, its implementation is ultimately subject to the approval of the Thoroughbred Owners of California.”
The California Horse Racing Board is currently considering regulations that would make possible the implementation of exchange wagering on horseracing by California residents.
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