Operators must embrace data to make horseracing pay

Will Duff Gordon, CEO of Total Performance Data

Betting on horseracing could face a rough ride in 2017; the levy continues to squeeze the industry’s bottom line, while the proposed ban on daytime TV advertising is a major cause for concern. At the same time, competition continues to eat away at market share, particularly in the form of football and online casino.

But all is not lost, so long as our industry is prepared to embrace new technologies and leverage the power data.

Technological advances and innovations have been the driving force behind the phenomenal growth that football betting and online casino have enjoyed over the past few years; think live dealer, cash out, one touch betting, fingerprint log-in and so on.

Horserace wagering, on the other hand, has lacked a breakthrough development in the form of a platform, feature or tool that can change the game and help the vertical better engage with punters old and new. If it is to enjoy a prosperous 2017, things must change.

The mood is shifting

The good news is that the mood appears to be shifting, and operators, providers, racecourses and other stakeholders are far more open to exploring how technology and data can improve the betting experience for punters.

For the first time, operators now have the technology and data to offer an engaging in-play proposition for racing. If you look at how live betting has driven revenue growth for football, the importance of this can’t be understated; many operators are now reporting that live betting accounts for three quarters of all football revenues. Handled correctly, racing can benefit from a similar revolution.

Time to mobilise

Before this is possible, however, more needs to be done when it comes to developing platforms and tools for mobile. As we have seen in other gaming sectors, the betting formats players expect from mobile are different; they need to be rapid fire, and offer near instant gratification.

Racing has some inherent advantages in this regard compared to other sports, but it is yet to crack the code. We hope that now operators have the data at their fingertips, we’ll see them develop a range of new markets and tools that will drive growth, especially among open-minded punters.

We also believe data such as length of a horse’s stride, strides per race and heart rates will be of immense value to operators, suppliers and punters.

Content is now king, and operators must offer their players reams of information, data and stats to deliver the experience they are seeking. It allows enthusiasts an array of insights into each horse and race, including replays of their performance, position markers, and comparisons with optimal times.

It also allows operators to price races more keenly, which has never been more important given the intensity of competition.

The next level

We have only just scratched the surface when it comes to applying new technologies and data to the horseracing industry, with plenty more innovations and ground-breaking products in the pipeline.

At the same time, it is important to keep moving the needle and to look at what is being done in other verticals to drive growth. Gamification is certainly a hot topic right now, as is virtual and augmented reality. In the past, the horseracing industry has been slow to adapt and capitalise, but moving forwards it needs to lead the charge.

If it does, racing could be set for a bright 2017.