Online betting exchange Betfair's US subsidiary has announced that it has come to an agreement with the Hollywood Park Racing Association that will see it become the title sponsor of the horse track.
As part of the deal, the Hollywood Park race course will now be renamed "Betfair Hollywood Park". Betfair will undertake infrastructure investments and work to improve facilities at the club by creating the Betfair Club, and Betfair Lounge. The upgrades will allow bettors to experience modern surroundings and state of the art facilities.
The American Horseracing Network TVG, which is owned by Betfair will also produce the Betfair Hollywood Park simulcast signal and provide TVG programming to promote events and drive attendance at races.
Commenting on the agreement, Betfair US and TVG CEO Stephen Burn said “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."
Hollywood Park Racing Association President Jack Libeau also commented on the deal, saying “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 .”