OpenBet seals New Zealand racing contract

NYX Gaming’s OpenBet subsidiary has signed a new contract to develop a fixed odds betting platform for the New Zealand Racing Board (NZRB), in partnership with Paddy Power Betfair (PPB).

The NZRB had announced back in December that OpenBet and PPB had been chosen to develop the platform, and Tuesday’s announcement confirmed the start of the “detailed design phase” of the project.

The new platform is part of NZRB’s wider strategic plan to boost profits for the racing industry, with the platform expected to add at least $17-19m in annualised profit per year.

Glenda Hughes, chairman of NZRB, said: “After a rigorous selection process, we are firm in our belief that the NYX Gaming Group will provide NZRB with the ability to access a first-class fixed odds betting engine.

“We are delighted to be partnering with the leader in digital wagering and look forward to working with the team to design and deliver a bespoke experience for TAB customers that will put us at the front of the market in the face of ever increasing competition.”

NZRB said it was impressed by the ability of the OpenBet platform to handle increased load over key events such as the UK’s Grand National and Australia’s Melbourne Cup, where the platform saw record levels of nearly 20,000 bets per minute.

“We have the necessary blend of experience and expertise to positively influence the detailed design phase of NZRB’s fixed odds betting platform project,” NYX CEO Matt said. “We are honoured to have been selected from what was a highly competitive tender process.”

The NZRB, established by the Racing Act 2003, operates the country’s official racing and sports betting agency, the TAB, which has more than 180,000 active account-holders and a retail network consisting of almost 680 outlets.

The organisation said its customers are increasingly embracing fixed odds betting, with revenues up 35% last year.