Betfair signs Breeder's Cup US tote deal

BETFAIR CUSTOMERS WILL be able to bet directly into US tote pools while watching next month’s Breeders’ Cup meeting live online, following a deal that will mark a significant extension of Betfair’s presence in the US betting market.

The deal is designed to boost ‘common [international] pool’ betting on the Cup races from overseas, in particular from Europe, which will provide several of the race’s contenders.

Just over US$17m (£10.2m) was bet into the US pools from abroad at last year’s Breeders’ Cup meeting, but with Betfair promoting the pool option to its database of 2.5 million punters, the Cup organisation will hope for a substantial increase.

The heavy deductions from the win and place pools in pari mutuel mean that these are unlikely to appeal to many Betfair punters. However, pool betting products such as the Pick6, which asks backers to find the last six winners on the card, the Pick3 or the Triftecta (on the first three horses) can generate big payouts for a relatively small stak

Breeders’ Cup president and chief executive Greg Avioli said: “It is our belief that the future of horse racing is international common-pooling. More than US$100bn is wagered on racing around the world each year, but less than $20bn is bet through countries that common-pool.

“As more and more international horses participate in our championships, interest levels and wagering handle [turnover] from around the world continue to increase, allowing us to maintain the highest possible purse levels for the event.”

Betfair, which ranked third in this year’s Power 50 leading operators, does not accept bets from Americans due to the US prohibition of egaming, but will hope that the deal raises the profile in the American racing industry ahead of any future liberalisation of the US market.

Betfair already has a presence in US racing as the owner of satellite racing and betting channel TVG since February.

For more on Betfair in America, read the column from Betfair US head Gerard Cunningham.