Paddy Power Betfair (PPB), OpenBet (OB) and the New Zealand Racing Board (NZRB) will engage to potentially formalize a Fixed Odds Betting platform beginning with a detailed design phase in January 2017.
According to chief executive officer of the NZRB, John Allen, the decision was made following several months of in-depth analysis of the proposal.
“The solution proposed by OB/PPBF will provide NZRB with the ability to access a first-class FOB engine, one used by many of the major wagering organisations across the world, and partner NZRB with an organisation at the forefront of international wagering growth and innovation,” Allen said in a press statement.
“OB/PPBF have demonstrable strengths in online (web & mobile), sport and in-play wagering, which are three of the biggest growth opportunities for NZRB. Our customers are increasingly choosing FOB products – turnover on FOB grew by 35.4% in 2015/16”.
The new FOB offering will complement NZRB’s Tote which, taking into account customer and channel preferences, will allow the organization to optimize turnover across both products. NZRB believes the investment in the FOB platform will add a minimum $17-19 million in annual profit per annum.
Following the detailed design phase, a full business case will be presented to the NZRB for approval before implementation would begin.
“We were impressed by the quality of the proposals put forward by both parties, and are delighted to be partnering with a market leader in digital wagering,” Allen continued.