Island businessman Vincent Caldwell has told Business News he feels like he is ‘the happiest man in the world’ right now.

There are a number of reasons why this popular figure in the gambling industry is feeling on top of the world, including:

lHe is on the verge of going ‘live’ with his latest business venture, a virtual betting product with a ‘niche’ bespoke software system that will provide computer generated virtual horse and greyhound racing based on real race tracks in North America.

lProfits in virtual betting in the British Isles now exceed profits from soccer betting. He said this is quite extraordinary considering how recent the virtual betting phenomenon is.

lHe recently married Maneerat in a lavish ceremony at Hillsborough Castle in his native Northern Ireland. It included a star turn by Irish singer-songwriter Brian Kennedy, the man who sang You Raise Me Up at George Best’s funeral.

lFormer bookmaker Vincent, a passionate fan of horse racing all his life, owns this year’s Ulster Grand National winner Poormans Hill, trained by Gordon Elliott, and is looking forward to seeing the horse run again soon.

lHe also has high hopes for another ‘jumps’ horse trained by Irish training ace Elliott called Alpha Indi and a two-year old ‘flat’ horse called We Like Her a Lot, trained by Richard Hannon in the UK.

Mr Caldwell spoke to Business News from his top floor apartment in Onchan with stunning views across the bay.

The gaming entrepreneur is the founder and majority shareholder in Manx registered Virtual Software Limited.

He revealed the idea of virtual racing from ‘real’ tracks came to him nearly three years ago in ‘a flash of light’ and describes it as ‘unique.’

Virtual racing is nothing new. The unique difference here is that the racing will come from ‘real’ tracks rather than fictitious racetracks with made-up names.

The difference here is that racing will come from ‘real’ tracks across North America.

Since returning a number of years ago from the United States, where he built up many top contacts with business associates in the world of gaming, Mr Caldwell also once held the position for a time as Manx Telecom’s eGaming ‘ambassador’ for the Isle of Man.

A number of Manx investors have already taken a stake in the company and Vincent is currently raising final funds for the building of additional tracks and products.

He has finalised a joint venture partnership with Amtote the world’s largest Tote wagering company.

Distribution and customer service arrangements have also been approved in the USA.

US Off-Track LLC will distribute the software to casinos, racetracks, betting shops and online betting outlets as a Tote bet.

Mr Caldwell told Business News his extensive contacts book with America had been a major factor in getting the venture off the ground.

He has high hopes for the enterprise which he says is a global first and involves developing a virtual racing software that creates races in real time from real-live American dog and horse tracks.

Vincent says 100 billion dollars is currently bet through global totes and this product will be the first virtual tote product in the world.

He said: ‘We have built up some strong partnerships. Our extensive relationships with major players in USA racing and betting have enabled a product to be developed fully in line with the ethical and regulatory requirements of the mainstream USA betting world.

‘This will also be the first virtual racing product range to operate under Tote rules and partners Amtote and US Off-Track have been a huge asset in assisting in, developing and securing this feature.’

Mr Caldwell admitted there had been ups and downs developing the venture, as there often are when developing new ideas.

But one of the definite ‘ups’ was, as reported in Business News, earlier this year, when the US Supreme Court overturned a long-standing ban on sports betting.

At the time Mr Caldwell called the news ‘tremendous’.

He said: ‘Sometimes the brave do get rewarded. I took a huge gamble two years ago to build products and apply for a license in the USA marketplace.’

Mr Caldwell has been an adviser and consultant to many major gaming groups and is often referred to as one of the pioneers of online gaming.

He firmly believes he is on to a winner with the latest project.

It is being rolled out in varrious stages.

The Stronach Group and the New York Racing Association are said to be working together with Virtual Software so that their tracks may be developed for virtual racing. These two groups operate world famous tracks such as Belmont Park, Saratoga and Aqueduct in NewYork as well as Santa Anita in California, Pimlico in Maryland and Gulf Stream Park in Florida.

Mr Caldwell has a wealth of experience in the gambling sector:

lHe obtained his first licence in Ireland in 1986.

lHe has been acknowledged as one of the pioneers of online gaming and has been individually licensed in eight international jurisdictions.

lHe led the listing of the first online betting company, based in the island from a start-up with £125,000 in 1998 to listing it on the Stock Market’s AIM market 18 months later for £26 million.

Mr Caldwell said: ‘I do feel like I am the happiest man in the world right now.’

Talking about the wedding to Maneerat he said more than 30 people from the Isle of Man flew to Northern Ireland to join the glittering ceremony.

And one of the highlights was when Brian Kennedy sang You Raise Me Up as the happy couple got up for the traditional first dance.

Guests also included Irish training ace Gordon Elliott who is now planning the National Hunt campaign with two of Mr Caldwell’s horses Poormans Hill and Alpha Indi.

Mr and Mrs Caldwell have purposely delayed their honeymoon in Las Vegas, while he continues to work on his American venture.

It promises to be an exciting time ahead.