Horse Racing Betting Industry with Alan Casey, CEO of AllSported

What is AllSported and what roles do you have within the company as CEO

AllSported is a comprehensive horse racing solution, providing all the essentials for offering a horse racing product through a single API. We take pride in our accuracy in odds-making, which is unmatched in the industry. We’ve enhanced our offering by integrating content from the Racing Post, along with race day data and results from major horse racing territories worldwide through partnerships with The Press Association and SIS. AllSported operates under the umbrella of the best-in-class TXODDS platform but functions as an independent company based in Ireland. As the CEO of what is effectively a start-up, my role is quite multifaceted. While I primarily focus on business and product development, as well as customer service, my responsibilities extend to areas like bookkeeping, payroll, marketing, PR, and managing accounts payable.

Last year it was announced that AllSported received substantial investment and was taken private. How did that deal come about and what has it meant for the company since then?

The decision to secure substantial investment and transition to a private company was driven by a shared vision to propel AllSported to new heights of success. Following careful considerations, it was determined that having TXODDS take sole ownership of AllSported, with the Racing Post as a valued supplier, would best align with our long-term goals. Since the investment, the infusion of additional capital and resources has enabled us to pursue an accelerated growth strategy. We have completed multiple data integrations and added new products, expanding our suite of offerings to include a comprehensive range of international racing, derivatives, and greyhound racing, in addition to our core UK product. This expansion has positioned us as a leading provider of diverse and innovative betting options, catering to a wider audience and enhancing the overall horseracing betting experience.

What is something about the horse racing industry that most people in iGaming don’t know about? 

A frequently overlooked dimension of the horse racing industry is the distinct role played by pari-mutuel pools (Tote betting). Unlike other sports where primary liquidity pools are exchange-driven or led by large bookmakers – Asian bookmakers in football, for example – horse racing presents a different dynamic.

In horse racing, the sharper syndicates largely derive their profits from the pari-mutuel pools. As a result, their strategies don’t always aim to maximize profit from every single marketplace at all times. An overly efficient price early in the betting cycle could, paradoxically, cost them later when engaging with the Tote. A handful of key players essentially dictate all pricing in the marketplace. They meticulously time and place their strategies to not only maximize profit but also to ensure the sustainability of the market itself.

These players are acutely aware of their impact, or ‘take-out rates,’ on the various marketplaces. If they extract too much from bookmakers, it becomes harder and harder to place bets (which has essentially happened now). Taking out too much too quickly on an exchange might lead to unfavourable commercial terms or discourage counter-parties from returning. Similarly, in the context of the Tote, excessive take-out rates can threaten the sustainability of the pools and their rebate agreements. Understanding these subtle dynamics is critical in the horse racing industry, but it’s an aspect that’s often overlooked in the broader iGaming sector.

How has your experience in betting exchanges helped your work with AllSported 

Throughout my time working with betting exchanges, I gained an invaluable understanding of the dynamics of the exchange ecosystem. I had the chance to observe the ebb and flow of money into markets, identifying when significant players would enter the arena and under what circumstances. This allowed me to form a holistic perspective of the horse racing landscape. I learned the rationale behind the actions of API players, understood the relationship between bookmakers and exchanges, and saw how arbitrage bettors leveraged the exchange to profit from bookmakers.

API users, in my experience, were keenly aware that operational hitches or unanticipated situations could cost them dearly. As a result, they were incredibly thorough in how they mapped to markets and prepared for potential issues. This experience has proven invaluable at AllSported, as we’ve adopted the same meticulous approach to our product development. We’re committed to shielding our customers from potential risks and have implemented comprehensive measures to manage unexpected scenarios. An element that is often overlooked, but that is crucial in this context, is the mapping process itself. This process, although complex, is a critical component for any bookmaker or API user. Here, TXODDS truly stands out with its expertise, providing a firm foundation upon which we can build everything else.

My exposure to various aspects of operations, from trading and marketing to promotions, also provided key insights. Not only did I learn from our own trials and errors but also from observing how other bookmakers leveraged the BETDAQ API to bolster their trading operations. These experiences have greatly informed our strategies at AllSported, enabling us to deliver a robust and efficient service to our clients.