While horse racing fans look forward to the Kentucky Derby during the first Saturday in May, one betting platform took a unique, yet logical turn to a sport that concluded its annual big race just four days ago. Stronach Group-owned 1/ST Technology, a division of Santa Anita and Gulfstream Park parent company 1/ST Racing and Gaming, announced Thursday it will offer parimutuel betting on NASCAR events.
NASCAR agreed to make 1/ST its exclusive parimutuel wagering partner. In parimutuel betting, users pool their wagers, and the pool administrator takes a percentage before distributing payouts based on the pool's number of winning bets. U.S. sports betting operators currently offer users stock car racing odds through fixed-odds markets, so this would be a new method for bettors, but one that fits perfectly with the racing model.
1/ST Technology will offer pools on NASCAR events across all of its platforms including web, mobile app, digital channels, and retail or event locations in eligible jurisdictions. However, before the company can implement and enact this, it needs regulatory approval through individual state agencies or commissions where legal wagering operates.
"This collaboration further demonstrates 1/ST Technology’s commitment to innovation and the continued diversification of its business across all sports,” said Keith Johnson, the president of 1/ST Technology, in a news release. “Along with our NASCAR partners, we aim to elevate fan engagement to new heights, with unique betting opportunities and markets that will enhance the excitement of every race."
Deal expands parimutuel bets from horse racing to stock cars
Think of thoroughbred and harness racing wagering with exactas, trifectas and superfectas for NASCAR races and implementing that methodology with real-time updates and various betting options and you have a notion of 1/ST Technology's plan.
“NASCAR and 1/ST Technology share a commitment to innovation and optimizing the fan experience,” said Joe Solosky, NASCAR Managing Director of Sports Betting. “Together, we aim to create memorable moments for fans by integrating technology with the passion and excitement of NASCAR racing."
Currently, three sportsbooks - FanDuel, DraftKings and Caesars - offer pari mutuel wagering on horse racing in most of the states where they operate.
For those who follow NASCAR, William Bryon won his second straight Daytona 500 last Sunday.
