In a bid to ensure that the sports betting systems run more efficiently, Nasdaq announced that it will make use of a technology which originated from financial markets.
As per reports, Nasdaq will initially apply the technology at horse racing clubs, including the biggest racing club in Asia—Hong Kong Jockey Club with which it recently formed a partnership.
Reportedly, bets placed at Hong Kong Jockey Club amount to almost 50 percent the bets in comparison to the entire U.S. Additionally, reports also show Sports betting is so huge in Hong Kong that its taxes equal 8 percent of the nation’s government’s revenue.
However, the technology being used by the Hong Kong Jockey Club was outdated for in-play betting, as the old systems could not handle the load of it.
Speaking on the reveal, in a statement Scott Shechtman, head of New Markets at Nasdaq said, “As an operator, you increasingly need more data and you need it fast, you need to be well equipped to handle peak times and also you need bets to run through your system quickly. Well, doesn’t it look very similar to a stock exchange.”
Shechtman further added, “Hence we adopted this technology that goes by the name of Longitude that was originally founded in the financial markets and was traditionally implemented for trading, and given that it had similar features, we re-programmed it to work for sports betting as well.”
