Toronto-based BetShare recently won Horse Racing 3.0: Changing the Game (HR3), an innovation program led by the Woodbine Entertainment Group (WEG), which challenges Canadian startups to develop disruptive tech to transform the horse racing industry.
BetShare took home the top prize of $12,000 for developing a platform that allows users to follow experienced players through video streaming, explanations, and betting statistics. It also lets experienced bettors earn money through ad revenue and commission on successful bets they’ve made.
In addition to the cash prize, BetShare’s team will also receive a six-month enrollment in Ryerson’s iBoost incubation zone to help them further develop their prototype. As BetShare develops its prototype with the help of iBoost and WEG, it may also have the opportunity to enter into a pilot agreement with WEG to help bring its solution to the market.
“This was a tough decision,” said Sean Pinsonneault, the executive vice-president of strategy and wagering at WEG. “All the teams presented smart concepts. Ultimately, BetShare best solved our challenge to engage new fans and generate additional revenue streams. Their approach to simplify betting by using the pros to help novices and others get more confident in their wagering by winning more is a huge opportunity for us to engage a younger demographic. We see a lot of potential here.”
The second and third place teams, which received $8,000 and $1,000 respectively, were HRX and Horseplay. HRX developed a platform that connects horse sellers with interested buyers, and Horseplay is an app that lets users place bets on past races and compete in a virtual horse racing community for credits and rewards.
“The innovative product solutions developed by the winning teams truly push the boundaries of technology in our industry and present great opportunities to transform horse racing for future generations,” said Jim Lawson, the CEO of WEG.