Naming Rights Deal for Betfair
75-year old racing institution gets the possibility of exchange wagering
A report came this week that Betfair’s Los Angeles-based subsidiary Betfair US has entered into a five year naming rights deal with the Hollywood Park Racing Association, based on which Hollywood Park, a thoroughbred race course in Inglewood, California will be renamed “Betfair Hollywood Park”.
This is said to be the first venue naming rights agreement in the U.S. and it will see Betfair undertake infrastructure investments and improvements at the facility to create the Betfair Club and Betfair Lounge which will provide its customers with modern environment and supreme technology; it has been specified that upgrades are subject to the confirmation of historic racing dates for 2013.
In addition, promotion will be conducted by Betfair-owned American Horseracing Network TVG which will produce the Betfair Hollywood Park simulcast signal and related TVG television programming, but the company will also focus on attracting a younger demographic to the venue.
According Betfair US and TVG CEO, Stephen Burn, “We are deeply committed to changing US horseracing for the better and are delighted to find a partner in Hollywood Park Racing Association willing to take the bold step of trying to change every facet of the racing experience to appeal to a broader, younger audience.
“Horseracing is a wonderful sport, but it must embrace cultural change and utilize advancements in technology and presentation to survive and thrive just as other sports and entertainment industries have done. We hope this is the first of many examples of using the assets of technology companies, such as Betfair, to revitalize historic venues such as Betfair Hollywood Park.”
On behalf of Hollywood Park Racing Association, Jack Liebau added: “We realize that US racing, and California racing in particular, simply cannot continue on as it has. We need to look at the way we do everything in presenting our product to the public and not be afraid to embrace change, particularly if we are going to generate a younger fan base. We believe that partnering with Betfair to modernize the product will benefit California racing. Exchange wagering is another possibly transformative technological change for horseracing. However, it will only be introduced after a thorough consultation with our Horsemen and Horsewomen and, of course, its implementation is ultimately subject to the approval of the Thoroughbred Owners of California.”
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