Virtual racing is the most recent betting craze which has generated a huge base in the United Kingdom.
A couple of biggest betting operators in the country lead the way in this particular betting branch, which currently accounts for one in five bets in total. For all of those who might have asked themselves about the fuss around virtual racing, horses and greyhounds alike, this particular betting market owes much of its popularity to the convenience behind it.
Knowing that more than 70 real life racing events in 2017 alone were forced to be cancelled due to bad weather, virtual racing comes as a brilliant way for bookmakers to reduce dependability on traditional racing.
Once ridiculed as a concept that would never rise to prominence and fight its way against the traditional betting methods, virtual racing has taken the betting world by storm, at the same time causing plenty of controversy.
How does Virtual Racing work?
Most bookmakers that offer virtual racing built their betting platforms around a sophisticated technology which creates races of eight up to sixteen runners, all of which are available at different odds.
Prices on every runner will reflect the actual chances of winning, but they are not to say that the favourite always wins or that the outsiders never emerge victorious. Virtual racing is in fact nothing more than a visual representation of a computerised random number draw.
Simply put, a, 1/2 favourite runner will have more numbers assigned to it in a draw than a 3/1 underdog, hence the difference in odds.
Can the Bookmakers Decide What’s Going to Win?
The computerised draw behind the virtual racing is drawn only once therefore eliminating the possibility of predicting the final outcome, regardless of the quantity of numbers assigned to individual selections.
More importantly, the results are randomly generated which should eliminate the rigging possibility.
Still, virtual racing is very much talked about and speculated in regard to possible fixing, knowing that bookmakers know exactly the chance of each runner winning. Even though races are completely random, punters are arguing that bookies know exactly what’s going to win based on the winning chances which truly reflect the runners’ odds.
Virtual racing, however, comes with a high overround which was initially standing at 2% or less in races with more runners. With these bookmaker margins set at a high point, betting operators are guaranteed profit which eliminates any doubt over potential fixing.
People do not stop questioning however, arguing that most of the virtual racing bookmakers would not want to lay a £500 bet on a 11/10 runner for instance, suggesting further that virtual racing clubs are open to the ‘right result’ happening.
Randomised draw will hardly eliminate any sense of doubt and results are there to confirm it with several researches and statistical analyses claiming that virtual racing favourites have a poor record and come second more than anywhere else.
With many bookies, however, encouraging bets to be laid and then avoiding to pay out on the horse that is the favourite, because the software system is in some way stopping it winning though its randomisation, people will continue to debate on the legality issue of virtual racing for a foreseeable future.