Betting on horse racing is nothing new. In fact, it has been around for well over one hundred years in the United States and remained strong as a major gambling outlet thereafter. Sure, there is boxing, baseball, etc., but where else can you enjoy such excitement and surprises – and in person!
But times have changed. For example, in 2002, the horse racing market could boast up to 33,000 registered horses and a betting handle of $15 billion. Some years later in 2018, that figure dropped to less than 20,000 horses and an $11 billion handle.
With the legalization of lotteries, casino gambling, and sports betting, there is considerable competition these days. How does horse racing refashion itself as the most popular player in the gambling ring?
1/ST Technology has taken on this task. CEO Paul Williams is looking to give the sport a modern makeover and redesign how bettors handicap a race.
“There is a great opportunity in modernizing the last remaining historic sport. 1/ST encompasses all the aspects to succeed in this quest. I’m really proud of the journey we have started on and the progress we have made in the last 2 years.”
With 1/ST BET, horse racing will be revamped to suit 21st century tastes and to help betters make more informed decisions on a race. It is a top priority for the company while making horse safety and care a top priority.
Just who is this visionary entity? It operates in thirty-eight U.S. states and Alberta, Canada. It has the technology to analyze historical data and upgrade handicapping.
Williams and his team are mindful of the changes in the sector.
“We can see an increase in the percentage of winning favorites over the years, and that increase can be partially attributed to the fact that players have better tools and more data to help them handicap.”
A major revolution is the app for bettors and handicappers. Given the vast data amassed, bettors can sort through the variables and numbers to find the best factors to win a bet. Tech minded advanced bettors can create their own algorithms.
Expanding the audience
Williams said that the company is building tools to handicap while providing additional insight for the experienced horseplayer and also help level the playing field for the new fan. To do so, 1/ST BET is investing in the sport from the ground up and looking at a true resurgence in the sport. Meanwhile, they know their market. The average horse racing bettor is in their 50s and 60s and they want a younger audience.
Williams believes that it is up to technology to attract millennials and younger generations to horse racing. After all, youth is tech-savvy and data-driven. They will care about the mission to promote safety from horse to wager.
If 1/ST BET can change how bettors handicap the horse racing industry, it can use the technology in other gambling industries. They see themselves expanding into new territory soon like eSports, state lotteries, automobile racing, and more. Meanwhile, the goal is to grow horse racing. In sum, Williams stated,
“1/ST will lead the way in technology adoption in the sport, raise the standard and safety of our athletes, and push the sport into a leading gambling and venue experience.”