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Prairie Meadows, IA HBPA Partner
to Build Iowa’s First-Ever Online Wagering Platform
ALTOONA, Iowa- Nov. 29, 2011 - Prairie Meadows
Racetrack and Casino and the Iowa Horsemen Benevolent and Protective
Association (IA HBPA) announced that they are collaborating on the
development of the state’s first-ever legal online wagering
platform. The move is being undertaken to spur expansion of the
customer base for Iowa horse racing and to take advantage of
continuing growth in the popularity of advanced deposit wagering (ADW).
The two Iowa racing stalwarts have engaged the services of
California-based Paladin Capital Partners – and principals Chuck
Champion and Gary Sproule – to guide the deployment of the systems
and marketing components needed to maximize the program’s revenue
potential. Between 2002-08 Champion and Sproule built Youbet.com,
Inc. into the largest ADW in the industry with nearly $1.0 billion
in annual wagering handle.
"Our two organizations share a vested interest in providing an
outstanding customer experience," said Gary Palmer, CEO of Prairie
Meadows which, as the nation’s first racino, has a rich history of
innovation in the gaming industry. "Today, that means having a
robust, vertically integrated online wagering platform to help
attract new customers and generate the kind of revenue we need to
sustain the quality of our racing products.”
IA HBPA President Leroy Gessmann echoed Palmer's view.
"The partnership with Prairie Meadows has very exciting prospects,”
he said, “and we are eager to work with the track to create a
delivery channel that connects with the digital media generation.
Our interest is straightforward: the more successful Prairie Meadows
is engaging fans, the more successful we will be as owners and
trainers which, in turn, will help the Iowa breeding industry.”
The first step in the collaboration was the selection of a firm to
help guide the project. According to Palmer and Gessmann, Paladin
Capital offered unrivaled competency in the ADW space.
“The principals have hands-on experience with the technologies,”
they said. “As important, they know horse racing and horse racing
fans as well as many key racing executives in the country. These
were important considerations for our Boards.”
Paladin has been asked to deliver its technology and implementation
timeline by the end of the month. Prairie Meadows and IA HBPA hope
to offer online wagering for the next race season. A handful of
potential technology partners have expressed interest in providing
the actual wagering platform for the venture through responses to a
request for proposal that will be reviewed in the coming weeks.
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