New betting system set to take off - Monday 24th of October 2005

A betting system which was rejected by the New Zealand racing industry seven years ago, is about to take off, on the other side of the world.

Members of Britains wealthy racing aristocracy have bought into the race-o concept, and theyve signed up a small Auckland software company to develop technology thats capable of handling multi-million dollar jackpots.

Picking one winner is hard enough, let alone selecting eight winners in a day.

But thats what race-o is all about - a lotto style super bet that promises multi-million dollar payouts.

New Zealands racing industry rejected the idea, but a whos who of British racing are now backing it, including the Duchess of Bedford, the Rothschild family and even the queens blood stock advisor.

"They bring serious money and serious investment. They also actually bring a serious amount of expertise and knowledge about the industry," says Tim Thodey, chief executive of Olympic Software.

Thodey heads Olympic Software which overcame international competition for the contract to develop a sophisticated betting engine that can process up to 20 million bets in little more than a minute.

The system uses microsoft technology, and theres praise for the kiwi ingenuity involved.

"They can use these tools and they can build world class products that provide export income for New Zealand, and I think thats really exciting," says Ross Peat, Managing Director of Microsoft NZ.

"Its a true expression of our version of the knowledge economy.

"It shows that a small New Zealand company of 70 odd people can actually compete for business internationally, not only compete, but also deliver a really world class solution," Peat says.

Race-o represents a major threat to traditional betting agencies like New Zealands TAB and Britains Tote. And because race-o doesnt have official support, the computer handling its bets is based on an Indian reservation in Canada.

Based in Montreal, the Kahnawake Mohawk tribe has set its reservation up as an independent sovereign territory and hosts numerous internet gambling sites.

"We actually support that application from new Zealand, although its hosted in Canada, for an English customer," Thodey says.

Race-o launches in Britain next week, and aims to revitalise racing by injecting much-needed money back into the industry.

Other news from around the same time

Some lose more than their shirt at casinos - Sunday 23rd of October 2005

Cell phones galore, enough eyeglasses to open an optical store, car and house keys, new clothing wit....


Casino robbery: 3rd man held - Sunday 23rd of October 2005

A third Zimbabwean man has been arrested in connection with a multimillion-rand robbery at Montecasi....


Low confidence index hits gaming stocks - Saturday 22nd of October 2005

Just six months ago, the stocks of the biggest gaming companies were riding high on a wave of econom....


An ill wind on Gulf Coast blows casino operators some good - Saturday 22nd of October 2005

Godzilla at his most dyspeptic never visited destruction upon Tokyo such as that inflicted on the Bi....


Lake Tahoe casino chips on eBay for $1 million - Saturday 22nd of October 2005

In one of the highest legitimate bids in eBay history, a collection of Nevada casino chips and token....


PartyGaming ‘may look at acquisitions’ - Saturday 22nd of October 2005

PARTYGAMING, the London-listed owner of PartyPoker, the world’s largest internet poker site, hinte....


Gambling industry called to intensify their expansion - Saturday 22nd of October 2005

The Deputy Minister of Home Affairs, Cde Reuben Marumahoko has called on gaming and lottery industry....


"M" is for megaresort - Saturday 22nd of October 2005

A proposed $1.8 billion, 79-acre mixed-use resort could bring Henderson its tallest and biggest buil....


Winning lottery ticket worth $340 million was sold in Oregon Gold Rush town - Saturday 22nd of October 2005

Someone in this Gold Rush town struck it rich with a $340 million Powerball ticket.The winner of the....


Now, Fairmount and the rest of Illinois horse racing industry want the casinos to pay for that lost business. Legislation, to be presented in Springfield next month, would require a 3 percent tax on c - Saturday 22nd of October 2005

The state hit a jackpot of its own from this weeks record Powerball game.The Powerball run, which st....