Horse-racing operator Manila Jockey Club Inc. (PSE: MJC) and media solutions firm GMA New Media Inc. (NMI), a subsidiary of GMA Network Inc. (PSE: GMA7), have sealed their plan to expand the reach of betting in the country’s horse-racing industry. In a statement, MJCI Executive Vice President and COO Alfonso Reyno III said that the joint venture with NMI will “upgrade the leisure it provides to people.”
For its part, NMI President and Chief Operating Officer Judd Gallares said that the company will provide the technology needed to make horse-racing betting available over the internet and mobile phones. Gallares said that NMI and Manila Jockey Club will invest PhP10 million each into the new venture.
People can begin betting via new platforms starting the middle of this year, according to Gallares during the signing of memorandum of understanding Friday. GMA Network Chairman and Chief Executive Officer Felipe Gozon said infusing technology will make bettors “feel the convenience” in betting on horse-racing games. He said options to bet on horse-racing games have exploded due to the present advances in technology such as “mobile productivity, internet, and multimedia tools.” Gozon reiterated that the possibilities of digital technology can also be applied in many games like cockfighting.
Alfonso R. Reyno Jr., Manila Jockey Chairman and President, said the company’s partnership with NMI will “expand the market of the present racing industry and upgrade the multimedia coverage applied by the company.” The older Reyno said the joint venture will lead the Philippines to become upbeat in horse-racing industry like the United States, Hong Kong, Japan, and London.
The joint venture will be a private domestic corporation, which shall be engaged in the business of providing technology and related services for sports and recreational gaming, propagating the gaming experience through multiple platforms such as television, radio, mobile, web and other technologies, and developing derivatives-based games.