Supreme Ventures, Aussie bookmaking company BetMakers sign multi-million deal for fixed odds betting, race sponsorship
KINGSTON, Jamaica – THE Supreme Ventures Limited (SVL) subsidiary, Supreme Ventures Racing and Entertainment Limited (SVREL), has signed a historic multimillion-dollar sponsorship deal with Australian horse racing betting solutions provider BetMakers Technology Group, which is expected to revolutionise the racing experience at the 61-year-old track.
The Jamaica Observer understands that this sponsorship deal is worth approximately $70 million.
Announcement of the sponsorship deal came yesterday at a press conference held at Jamaica Pegasus hotel in Kingston.
The five-year deal will see the Aussie betting company engaging SVREL in a one of a kind partnership that will include an additional betting structure, construction of new infrastructure and event sponsorship until 2025.
The highlights of this agreement will see SVREL receiving the bulk of the money in year one, with tranche payments each year for the next four years. BetMakers will implement, manage, and distribute a fixed-odds betting system that will give punters more choices when placing their bets.
The fixed-odds betting system will be introduced sometime in January once approval has been granted by the Betting, Gaming and Lotteries Commission, executive chairman of SVL, Gary Peart told the Observer.
The contract between both companies stipulates that the sponsorship will also include the construction of a trainers’ pavilion. This facility is expected to cost just over $11 million.
BetMakers will enjoy sponsor benefits for the Triple Crown series, which comprises the 1000/2000 Guineas, the Jamaica Derby and the Jamaica St Leger; the Quarterly Championship; and the naming of one race for each race day for the entire year.
Supreme Ventures Racing and Entertainment Limited Chairman Solomon Sharpe says the partnership will transform the local horse racing industry, with Caymanas Park being one of the first tracks in the Western hemisphere to implement fixed-odds horse racing alongside tote betting.
He added that this agreement reaffirms the strength of the Caymanas brand and its potential, which expands beyond the shores of Jamaica. Caymanas has started the journey to become the jewel of the Caribbean and the deal with BetMakers will aid in propelling the company towards that goal.
Sharpe indicated that the partnership will further enhance the betting menu offered at the track and at the off-track betting parlours, and lauded the wide reach of the partnership that seeks to make an indelible mark on the facility itself with the new construction set to get under way in the new year.
“What this partnership is doing is taking product Jamaica, especially product Caymanas Park, across the world,” Sharpe said.
Peart affirmed the importance of this partnership deal with BetMakers, the global leader in horse racing distribution and betting solutions.
“We see the fixed-odds horse racing revolution that BetMakers has championed in North America as being a huge benefit to the racing industry as a whole and we are very proud to be one of the first tracks that will implement the sophisticated fixed-odds system they provide. This a major transformational change that will vastly benefit the betting public and all of the industry stakeholders,” Peart said.
Caymanas Park has found winning ways with new variations to its bet types in recent months. The recent refix of the Sunrise Six to the jackpot-style Reggae-6 has reinvigorated betting at the track and OTBs islandwide. The Reggae-6 bet type has created scores of millionaires since its October 3 start date and has contributed to record-breaking revenues for the promotions company, even as it grapples with the fallout from COVID-19-related closure earlier in the year and ongoing restrictions, such as crowd control.
“What they are bringing to the table for Supreme Ventures and Caymanas Park provides the racing industry in Jamaica with a tremendous boost and opportunity for growth. Their commitment to be involved in the local horse racing industry in such an all-encompassing manner has set the stage for what will be a renaissance of Jamaican horse racing,” he said.
Todd Buckingham, chief executive officer of BetMakers, says the deal with Caymanas Park is symbolic of its mission to globalise and modernise the horse racing industry.
“This is a very exciting deal for BetMakers and Supreme Ventures Limited, operators of Jamaica’s sole racetrack, Caymanas Park. This deal illustrates BetMakers’ plans for all its current and potential racetrack partners, and its aim of globalising the horse racing industry,” he said.
He described the deal as a win-win, with Caymanas Park being introduced to fixed-odds betting and local races broadcast across their Global Racing Network.
“Having the opportunity to work alongside Supreme Ventures in bringing fixed-odds betting on horse racing into Jamaica, while also exporting the Caymanas Park signal across our Global Racing Network, is a major coup for BetMakers. But what adds further excitement is the hands-on approach this deal entails,” Buckingham said.
“BetMakers will use its knowledge of the vibrant Australian racing scene to work with Supreme Ventures in making Caymanas Park not only the jewel in the crown of Caribbean racing, but also in becoming a truly international racing destination by having a gold-standard product,” he said.
The Supreme Ventures Group actively began positioning Caymanas Park as a destination in 2020 by signing an agreement with Chukka Tours to include the historical track as part of its tours.