Global Betting Exchange Wins NYRA Rewards Bid

Technology firm selected to provide upgrades to advance deposit wagering platform.

Global Betting Exchange has been chosen as the winning bidder, pending finalization, to provide technological upgrades to the New York Racing Association's advance deposit wagering platform, NYRA Rewards.

NYRA had selected the company earlier this year to provide similar services. However, the contract was re-bid at the request of the Franchise Oversight Board, which found that NYRA did not follow its own procurement procedures in making the selection.

The latest announcement was made by the NYRA Nov. 14.

"Our NYRA Rewards members will benefit from having one of the most technologically advanced companies in the industry create a new platform that will make online wagering easier and more efficient and enjoyable," said Chris Kay, NYRA CEO and president, in a statement.

According to the NYRA release, the selection was the culmination of a rigorous Request for Proposal procedure during which NYRA worked closely with New York state officials, outside procurement counsel, and subject-matter consultants. Each bidder was required to explicitly set forth its areas of technical expertise. Proposals were thoroughly reviewed and analyzed by a team of NYRA executives possessing subject-matter proficiency. The selection was made using a weighted formula that was developed by NYRA and state officials, and included in the RFP.