As a leading racing organisation committed to innovation and the application of new technologies, The Hong Kong Jockey Club has announced that it is adopting the globally patented Longitude technology for the first time to support the relaunch of Quartet from the racing meeting of 19 January. Quartet requires customers to pick the first four horses to finish in correct order in selected races.
Longitude technology performs advanced pari-mutuel mathematical calculations using sophisticated processing units. Originally developed for trading assets in the financial industry, the technology has been re-engineered to facilitate pari-mutuel wagering at very high speed on horse racing. It allows real-time odds display for all available combinations in exotic pools which represents a significant new benefit for customers, particularly given the high volume of wagering into The Hong Kong Jockey Club’s pools.
In this regard, Quartet bets will be placed in a pari-mutuel pool in which odds and payouts will be calculated using the latest Longitude technology. The introduction of Quartet is the Club’s first utilisation of this approach, following the announcement of a strategic technology services agreement between the Club and Longitude in 2013.
CEO of The Hong Kong Jockey Club Mr. Winfried Engelbrecht-Bresges said: “The partnership with Longitude will strongly contribute to the Club's position as a leading innovator in the horse racing industry. It will strengthen the Club's commitment to strive for excellence in sporting achievement, technology and racecourse social entertainment. This technology will increase efficiency, capabilities and competitiveness.”
Mr. Thomas Ascher, CEO of Longitude said: “We are honoured to have been selected by The Hong Kong Jockey Club to deliver our first deployment of the Longitude technology for racing. It is a privilege to collaborate with a global industry leader as we continue to expand our presence in the sporting industry. We look forward to assisting the Club in its mission to deliver ever-greater innovation to the customer experience.”
“Making good use of the Longitude odds calculation engine, we will also now be looking into other pari-mutuel bet types to meet customer demand," said Richard Cheung, the Club's Executive Director, Customer and Marketing. "It's important that we keep our offerings up-to-date to combat the activities of illegal and unauthorised offshore operators and direct this demand to the legal channel, given that the HKJC is also Hong Kong's largest charitable and community benefactor.”
The Quartet will be available from 19 January 2014.
The Hong Kong Jockey Club
Founded in 1884, The Hong Kong Jockey Club is not only one of the world's leading horse racing organisations but also Hong Kong's largest community contributor, donating HK$1.95 billion in 2012/13. In addition, the Club is a major taxpayer, Hong Kong's single largest by far, generating over HK$17.64 billion in 2012/13 for public funds. The Club pioneers technology applications for sporting and betting entertainment, striving for the highest levels of customer service. As a membership club, it is recognised as one of Asia's most prestigious. These multifaceted roles make it a well-respected and remarkable organisation, dedicated to its mission of enhancing the quality of life for all Hong Kong people.
The Longitude technology uses pari-mutuel principles to aggregate liquidity and produce fair and efficient prices for applications in a diverse range of industries. The powerful calculation engine that underlies the unique Longitude technology platform is patented globally.
Longitude is a wholly-owned subsidiary of the International Securities Exchange Holdings, Inc. and is operated as a separate company with its own management team. For more information, please visit www.longitude.com.