Scientific Games and a Swedish company will combine to launch the V75, a pick seven with a 10-cent minimum wager and the potential for multimillion-dollar payoffs, through Philadelphia Park and its Turf Clubs.
A release from Scientific Games called the V75 "the most popular bet on horseracing in the world in terms of pool size." The V75 accounts for 40% of total pari-mutuel wagering in Sweden, and has grown at a rate of 10% each year over the past five years, the release said.
The V75 races in Sweden are run every Saturday, and advance wagering begins on Wednesdays. To win, bettors must select the winners of seven consecutive races, though consolations are awarded to bettors with six or five winners. The average weekly V75 pool is $11 million but has the potential to be higher with "Super Pool" jackpot carryovers.
"Given the fact the base bet is 10 cents and the payoff on July 30 was $290,000 on a 10-cent base wager, this will be a popular pari-mutuel bet for our racing customers," Philly Park chief executive officer Hal Handel said. "In the long term, we expect the V75 to attract interest from non-racing customers who have an interest in wagering into this commingled pool with the potential for major payoffs."
Jennifer Conning, director of marketing for Scientific Games Racing, said Philly Park and its OTB parlors would offer commingled V75 wagering on Swedish harness races. Wagering would commence on Wednesdays, but because Sweden is eight hours ahead of the Eastern time zone, wagering would end when the Philly Park simulcast program ends Friday night or early Saturday morning. The races would be shown during a recap program on Saturday, she said.
Conning said because this is the first U.S. deployment of the V75, wagering would be limited to Philly Park and its OTBs. However, the track's PhoneBet account wagering system could be online with the bet in a few months, she said.
Said Lorne Weil, chief executive officer of Scientific Games: "We are very pleased to partner with (AB Tray och Galopp) for the launch of V75 in North America and to be able to offer this exciting new bet at Philadelphia Park, a long-time Scientific Games customer. The very large, well established pools and the potential for huge jackpots rarely seen in North American racing makes V75 not only exciting but potentially record-breaking."
AB Trav och Galopp is assigned by the Swedish government to run the Swedish tote system. ATG operates Sweden's 37 racetracks, 2,030 betting shops, 3,800 cash-register terminals in supermarkets, and the ATG website. Total handle processed by ATG in 2004 exceeded $1.4 billion. The V75 also is available in Denmark, Netherlands, Germany, Austria, and Estonia.