BELFAST-born entrepreneur and racing enthusiast Vincent Caldwell has launched the first of two funding rounds to raise the next tranche of capital to take his pioneering virtual live racing product to a global audience.
The former bookie is founder, chief executive and majority shareholder in Virtual Software (VS), based in the Isle of Man, which has developed a world-first virtual racing software that creates races in real time.
The Virtual Live Racing (VLR) brand is the first in the world to have developed, distributed and gone live with a range of virtual live racing thoroughbred, harness and greyhound products.
Having already "built" virtual US tracks including Hawthorne in Chicago, Parx in Philadelphia, Tampa Bay Downs and Palm Beach Kennel Club in Florida, and Saratoga in New York, VLR has also now partnered with Ascot racecourse in Berkshire, signalling its entry into the UK market.
Before VLR’s products were launched, no tote platform had a virtual live racing product on which to accept wagers.
But now its existing suite of eight racetracks, each with a daily race-card of 20 races, means 160 races a day (that's 58,400 races a year) can be offered for wagering purposes.
VS is now proposing to conduct two new fund-raising rounds - the first for £2 million and a second round later this year for £4 million. It is initially seeking support from smaller investors (£100,000 upwards).
Funds raised in the initial round will be applied towards the costs of obtaining an Isle of Man network services licence and establishing a betting operation including the costs payable to the likes of AmTote, the leading technology and services provider to the North American tote wagering market.
Virtual betting revenues alone currently generate in access of $10 billion a year. Indeed virtual betting, having first been launched in the UK in 2001, is the fastest-growing betting product in almost every market it enters.
"We've been on an incredible journey so far, but this is going be a truly significant and exciting year," said Vincent (62), who in 2021 became the first person from Northern Ireland to be inducted into the SBC Sports Betting Hall of Fame.
"Covid definitely set back our plans, but we're now ready to increase our presence, gain the appropriate software licenses and reach out to the Tote.
"What we offer is small-stake betting for big prizes. We are socially responsible - nobody will lose their home or livelihood."
He added: "More racetrack owners are realising that our products give them a key to unlock the door to the huge global tote market and massively expand their brand and digital footprint to attract a new generation of punters.
"Our next goal is to put 12 products up, and when we’ve done that we’ll be able to run 87,600 virtual races a year."
