Island entrepreneur and racing enthusiast Vincent Caldwell has hailed the last year as a ’fantastic journey’ after launching a new ’niche’ virtual live racing product for punters.

The online betting pioneer now has big plans for 2021 with Virtual Live Racing. (VLR).

VLR is an Isle of Man based business which claims to be the first in the world to have developed, distributed and gone live with a range of virtual live racing thoroughbred, harness and greyhound products.

The company, which launched last May, uses software developers and special effects experts from the film and TV industry to create bespoke computer generated real-time, wagering races.

With high definition graphics and realistic race commentary, combined with results based on anonymised past performance data, VLR’s products recreate all of the excitement and emotion that racing fans experience from betting on real life races. It also gives racetracks access to a brand new revenue stream.

Mr Caldwell, company chairman, said that until VLR’s products were launched this year, no tote platform had a virtual live racing product on which to accept wagers.

He believes VLR is a ’real game-changer’ in the industry.

VLR products for US tracks Hawthorne in Chicago, Parx in Philadelphia as well as Derby Lane, Tampa Bay Downs and Palm Beach Kennel Club in Florida are already live, with more stateside tracks in the pipeline including Saratoga in New York.

VLR has also partnered with Ascot Racecourse in Berkshire and, when that product is launched, it will signal the company’s entry into the UK market.

Mr Caldwell said: ’More and more racetrack owners are realising that our products give them a key to unlock the door to the huge global tote market - and massively expand their brand and digital footprint to attract a new generation of bettors.

’Our next goal is to put 12 products up, and when we’ve done that we’ll be able to run 87,600 races a year.’

Virtual Software (the business behind the Virtual Live Racing brand) was founded in 2015.

The business to date has invested more than £3million in software, products and marketing. It continues to develop strategic opportunities and distribution of its products and has commitments from industry figures and stakeholders for growth capital to execute those plans throughout 2021.

’It’s been a fantastic journey so far’ says Vincent, ’and we are hoping the next 12 months will be an even bigger success story for us, the Isle of Man’s e-gaming industry and our shareholders (the majority of whom are Manx residents).

’The year 2021 is going be a very significant and exciting year.’

In addition to partnerships with leading tracks in the US, and Ascot, VLR’s profile in horse racing has been boosted even further by sponsoring Irish jockeys Jack and Paddy Kennedy - two of the fastest rising stars in the sport.

Leading Irish trainer Gordon Elliott and Richard Hannon, who trains for the Queen and the UAE royal family, are also backing VLR as shareholders.

Both trainers, who have trained several horses owned by Vincent Caldwell, say that VLR creates a much needed new revenue stream for racetracks and wagering operators.