Cash Out and Crowdbetting coming soon after tie-up with Colossus.
A “Cash Out” tote betting option is to be introduced to South African racing by operator Race Coast, it was announced this week.
Another innovation will be “Crowdbetting” for exotic, or multi-leg tote bets.
A launch date for these options was not announced.
Race Coast has acquired the required technology by forming a partnership with UK-founded company Colossus, which runs co-mingled wagering on sports, racing and other games in various countries.
Cash Out will be familiar to punters who also gamble on other sports. It gives the bettor a chance to take a profit – or a loss – before an event has been completed and settled.
It allows for settlement in-running or mid-event and the nature and amount of Cash Out offers will vary with the live betting market.
This type of activity was once known as “laying off” a parlay or accumulator bet, with a bookmaker effectively buying a live Pick 6 or Jackpot ticket for an agreed amount before final legs were run.
Crowdbetting is also known as syndicate betting, with various players teaming up to boost their chances of winning. It has long been done informally but has never been part of a tote offering.
The deal with Colossus will also give TABgold customers immediate access to huge online sporting jackpot pools, said the media release.
Dean Sawarjith, Race Coast KZN acting COO, commented: “We need to innovate to keep our horse racing proposition relevant for today’s younger audiences. We look forward to giving our customers access to the most flexible tote product in the world, where they can decide leg-by-leg how much of their bet to Cash Out. I’m particularly excited to enable our customers to create and join tickets via the Colossus Crowdbetting feature, driving customer engagement forward.”
Paula Cara Farcas, Colossus Bets CEO, said: “All tote operators must innovate if they wish to compete with a rapidly evolving market. Race Coast will become the first racing tote to utilise our technology in order to modernise their racing product.”
