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{{Short description|US pool betting technology platform}}
{{more footnotes|date=September 2012}}

{{Infobox company
{{Infobox company
| name = Longitude LLC
| name = Longitude LLC
| logo = Longitude_LLC_logo.jpg
| logo = Longitude.logo.jpg
| caption =
| caption =
| type = [[Private company|Private]]
| type = [[Private company|Private]]
| traded_as =
| traded_as =
⚫
| industry = Financial/Gambling Technology
| genre = <!-- Only used with media and publishing companies -->
| genre = <!-- Only used with media and publishing companies -->
| fate =
| predecessor =
| fate =
| successor =
| predecessor =
| successor =
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| foundation = <!-- {{Start date|YYYY|MM|DD}} -->
| foundation = {{start date and age|1999}} in New York, US
| founder =
| founder =
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
⚫
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| location_city =
| location_country =
| location_city =
| locations =
| locations =
| area_served =
| area_served =
| key_people = Thomas A. Ascher, Chief Executive Officer<br />Scott Shechtman, Director<br />Joseph W. Ferraro, General Counsel
| key_people = Scott Shechtman, CFA – President<br />Rich Wieszczek – Head of Technology
| products =

| production =
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| industry = Financial/gambling technology
| products =
| services =
| production =
| revenue =
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| operating_income =
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| net_income =
| net_income =
| aum = <!-- Only used with financial services companies -->
| aum = <!-- Only used with financial services companies -->
| assets =
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| num_employees =
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| footnotes =
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| homepage = {{URL|www.longitude.com}}
| footnotes =
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| homepage = {{URL|www.longitude.com}}
}}
}}

Longitude is a technology service provider to the financial and gaming industries. First established in 1999 to enable the trading of illiquid financial products using pari-mutuel principles, Longitude expanded its focus in 2010 to pursue opportunities in the sports betting and horse race wagering industries.<ref>*[http://webreprints.djreprints.com/3131960996935.html Global Finance: Wall Street Plays The Ponies] December 24, 2010, Wall Street Journal</ref> Longitude has developed patented single pool wagering technology for deployment throughout the US, Europe, and Asia. Longitude is a wholly owned subsidiary of International Securities Exchange Holdings, Inc. (ISE).<ref name="businesswire">[http://www.businesswire.com/news/home/20060404005631/en/ISE-Acquires-Assets-Longitude-Innovative-Derivatives-Auction ISE Acquires Assets of Longitude; Innovative Derivatives Auction Platform and Technology] April 4, 2006, Business Wire</ref>
'''Longitude LLC''' is the inventor and distributor of the Longitude Enhanced Pari-Mutuel System™, a [[pool betting]] technology platform.

== Pari-Mutuel Wagering ==
{{Advert section|date=May 2024}}
The Longitude Enhanced Pari-Mutuel System enables sports betting and race track operators to offer a wider range of bet types, a richer display of odds data and bigger pools with more stable odds. By allowing a range of different types of wagers on an individual race or sporting event to be aggregated into merged pools, the Longitude Enhanced Pari-Mutuel System makes more efficient use of existing liquidity. Current customers utilizing the Longitude Enhanced Pari-Mutuel System include The [[Hong Kong Jockey Club]], [[Tabcorp]] and The Football Pools.

== Financial Markets ==
The globally patented Longitude Enhanced Pari-Mutuel System has its roots in the financial markets, where it has been used for the pricing and settlement of markets on a range of financial and naturally occurring events, such as credit, economic statistics, and weather. Longitude LLC, a wholly owned subsidiaries of Nasdaq, is currently based in New York to further explore a number of financial markets applications.


== History ==
== History ==
Longitude was founded in New York in 1999. In 2006, ISE and Goldman Sachs jointly acquired all of the Longitude assets.<ref name="businesswire" />
Longitude was founded in [[New York City|New York]] in 1999.
ISE and Goldman jointly operated the platform to conduct auctions on economic data options in partnership with the Chicago Mercantile Exchange (CME) and energy storage statistics in partnership with the [[New York Mercantile Exchange]]. In 2007, ISE purchased Goldman’s entire stake and Longitude became a wholly owned subsidiary of ISE. The Longitude platform for financial products was retired in 2007. In 2010 and 2011, the Longitude platform was reengineered to serve as a backend calculation engine for the sports betting and horse race wagering industries.


In 2006, ISE and Goldman Sachs jointly acquired all of the Longitude assets to conduct auctions on economic data options in partnership with the [[Chicago Mercantile Exchange]] (CME) and energy storage statistics in partnership with the [[New York Mercantile Exchange]].<ref>{{Cite web |title=ISE Acquires Assets of Longitude; Innovative Derivatives Auction Platform and Technology |url=http://www.businesswire.com/news/home/20060404005631/en/ISE-Acquires-Assets-Longitude-Innovative-Derivatives-Auction |archive-url=https://web.archive.org/web/20150202175216/http://www.businesswire.com/news/home/20060404005631/en/ISE-Acquires-Assets-Longitude-Innovative-Derivatives-Auction |archive-date=2015-02-02 |access-date=2017-08-14 |website=www.businesswire.com |language=en}}</ref>
In October 2012, Britain's [[Sportech]] signed an agreement with Longitude to strengthen its football and cricket gambling and make it more attractive to a new and younger customer base.<ref>*[http://www.reuters.com/article/2012/10/08/sportech-longitude-idUSL6E8L816C20121008 Sportech signs deal to add depth to betting pools] October 8, 2012, Reuters</ref> In December 2014,The Football Pools (a Sportech-owned pools and tote gaming company) announced the launch of an innovative new pool betting opportunity in the form of MatchXtra. MatchXtra uses innovative pools technology from Longitude LLC, and the new product offers extraordinarily competitive odds on Premier League football as well as other matches throughout the world. After soft launching in October on footballpools.com, MatchXtra has already seen the odds prove to be some of the very best in the market on several Premier League matches. <ref>*[http://www.sportsbettingbest.com/the-football-pools-launches-matchxtra The Football Pools Launches MatchXtra] December 8, 2014, Sports Betting Best</ref> MatchXtra will be expanding in the next couple of months to cover a wider range of betting opportunities across a growing number of matches. Included in the new offerings is “Price Match” which enables customers to choose the odds at which they wish to place their bet, lay betting as well as multi-game betting, all of which are powered by Longitude technology. <ref>*[http://www.sportsbettingbest.com/the-football-pools-launches-matchxtra The Football Pools Launches MatchXtra] December 8, 2014, Sports Betting Best</ref>


In 2007, ISE purchased Goldman’s entire stake and Longitude became a wholly owned subsidiary of ISE.
In January 2014, The [[Hong Kong Jockey Club]] announced that it's adoption of the Longitude technology to support the relaunch of the Quartet bet type. <ref>*[http://www.hkjc.com/english/corporate/racing_news_item.asp?in_file=/english/news/2014-01/news_2014011001547.html The Hong Kong Jockey Club relaunches Quartet as the first product powered by Longitude technology] January 10, 2014, Hong Kong Jockey Club</ref> The Hong Kong Jockey Club's Executive Director of Customer and Marketing, Richard Cheung Che-kit, stated "The relaunched Quartet will use the latest odds calculation computing technology provided by our partner, Longitude, which allows very rapid computation and real-time indicative dividends for such a challenging product." Mr. Thomas Ascher, CEO of Longitude went on to say "We are honored to have been selected by the Hong Kong Jockey Club to deliver our first deployment of the Longitude technology for racing. It is a privilege to collaborate with a global industry leader to expand our presence in the sporting industry."<ref>*[http://www.scmp.com/sport/racing/article/1401423/quartet-back-jockey-club-relaunches-exotic-bet The Quartet is back - Jockey Club relaunches exotic bet] January 9, 2014, South China Morning Post</ref>


In 2010 and 2011, the Longitude platform was reengineered to serve as a backend calculation engine for the sports betting and horse race wagering industries.<ref>{{Cite web |date=November 8, 2010 |title=Longitude LLC Announces It is Exploring New Business Opportunities |url=http://www.ise.com/assets/documents/AboutISE/PressRelease/CompanyNews/2010/20101108$Longitude_LLC_Announces_It_is_Exploring_New_Business_Opportunities_for_Its_Patented_Technology_Platform.pdf |archive-url=https://web.archive.org/web/20131021001951/http://www.ise.com/assets/documents/AboutISE/PressRelease/CompanyNews/2010/20101108$Longitude_LLC_Announces_It_is_Exploring_New_Business_Opportunities_for_Its_Patented_Technology_Platform.pdf |archive-date=2013-10-21}}</ref>
To build on the successful launch of Quartet, the Hong Kong Jockey Club launched a “power merger” of the Quartet and First Four pools on January 19, 2015. <ref>*[http://www.longitude.com/media/104663/SCMP-Combined-Quartet-First-Four-pools-sees-turnover-rise.pdf Combined Quartet, First Four pools sees turnover rise] January 10, 2015, South China Morning Post</ref> The launch went off without a hitch and resulted in a rise in turnover. The separate Quartet and First Four pools had aggregated just south of HK$50 million in turnover in the past, but some HK$67 million was wagered on the two bet types on the launch date as they shared turnover for the first time. <ref>*[http://www.longitude.com/media/104663/SCMP-Combined-Quartet-First-Four-pools-sees-turnover-rise.pdf Combined Quartet, First Four pools sees turnover rise] January 10, 2015, South China Morning Post</ref>


In 2012, Sportech and Longitude sign a partnership to add depth to betting products.<ref>{{Cite news|url=https://www.reuters.com/article/sportech-longitude-idUSL6E8L816C20121008|title=UPDATE 1-Sportech signs deal to add depth to betting pools|date=October 8, 2012|work=Reuters}}</ref>
Longitude technology has powered over half a billion dollars in wagering to date, with updates made to the ticker on the [http://www.longitude.com Longitude website].

In 2013, The Hong Kong Jockey Club announces signing of strategic technology services agreement with Longitude.<ref>{{Cite web|url=http://corporate.hkjc.com/corporate/corporate-news/english/2013-04/news_2013042201704.aspx|title=The Hong Kong Jockey Club announces signing of strategic technology services agreement with Longitude - Corporate News - About HKJC - The Hong Kong Jockey Club|website=corporate.hkjc.com|access-date=2017-08-14}}</ref>

In 2014, Longitude Expands Relationship with Hong Kong Jockey Club.<ref>{{Cite web |title=Longitude Milestones |url=http://www.ise.com/media/119234/Longitude-Milestones_111815.pdf |archive-url=https://web.archive.org/web/20151125091135/http://www.ise.com/media/119234/Longitude-Milestones_111815.pdf |archive-date=2015-11-25 |website=ise.com}}</ref>

In 2016, Tabcorp and Longitude Announce Strategic Technology Initiative.<ref>{{Cite web |title=Longitude Tabcorp Announcement |url=http://www.ise.com/media/124262/longitude-tabcorp-announcement_final.pdf |archive-url=https://web.archive.org/web/20160328124204/http://www.ise.com/media/124262/longitude-tabcorp-announcement_final.pdf |archive-date=2016-03-28 |website=ise.com}}</ref>

In 2016, Longitude was acquired by Nasdaq to further explore a number of financial markets applications for the Enhanced Pari-Mutuel System.<ref>{{Cite web|url=http://ir.nasdaq.com/releasedetail.cfm?releaseid=959779|title=Nasdaq Agrees to Acquire International Securities Exchange (NASDAQ:NDAQ)|website=ir.nasdaq.com|language=en|access-date=2017-08-14}}</ref>


== See also ==
== See also ==
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==References==
==References==
{{reflist}}
{{reflist}}
<!--- After listing your sources please cite them using inline citations and place them after the information they cite. Please see http://en.wikipedia.org/wiki/Wikipedia:REFB for instructions on how to add citations. --->
<!--- After listing your sources please cite them using inline citations and place them after the information they cite. Please see http://en.wikipedia.org/wiki/Wikipedia:REFB for instructions on how to add citations. --->== Further reading ==

=== The Football Pools ===

* [http://www.longitude.com/media/102405/MatchXtra_Launch_Longitude.pdf The Football Pools announces the launch of MatchXtra, an innovative new Pools product.] – December 4, 2014
* [https://www.sportsbettingbest.com/the-football-pools-launches-matchxtra/ The Football Pools Launches MatchXtra.] – December 8, 2014

=== Hong Kong Jockey Club ===

* [http://www.hkjc.com/english/corporate/racing_news_item.asp?in_file=/english/news/2014-01/news_2014011001547.html The Hong Kong Jockey Club relaunches Quartet as the first product powered by Longitude.] – January 1, 2014
* [http://www.longitude.com/media/93320/SCMP-Quartet-betting-to-return-for-first-time-since-1988.pdf Quartet betting to return for first time since 1988.] – January 9, 2014
* [http://www.scmp.com/sport/racing/article/1506890/longitude-engine-will-take-better-further-says-hong-kong-jockey-club Longitude engine will take betting further, says Hong Kong Jockey Club.] – May 7, 2014
* [http://www.hkjc.com/english/corporate/racing_news_item.asp?in_file=/english/news/2015-01/news_2015011201119.html Quartet and First 4 to merge into one pool for increased customer benefits.] – January 12, 2015
* [http://www.longitude.com/media/104667/SCMP-New-technology-to-merge-Quartet-First-Four-pools.pdf New technology to merge Quartet, First Four pools.] – January 13, 2015
* [http://www.longitude.com/media/104671/SCMP-Nothing-really-equates-to-the-Longitude-experience.pdf Nothing really equates to the Longitude experience.] – January 14, 2015
* [http://www.longitude.com/media/104663/SCMP-Combined-Quartet-First-Four-pools-sees-turnover-rise.pdf Combined Quartet, First Four pools sees turnover rise]. – January 19, 2015
* [http://www.hkjc.com/english/corporate/racing_news_item.asp?in_file=/english/news/2015-10/news_2015100701841.html Composite Win to be launched from October 25th.] – October 7, 2015
* [http://www.scmp.com/sport/racing/article/1990646/optimism-bumper-new-racing-season-says-jockey-club-chief-winfried Optimism for bumper new racing season, says Jockey Club chief Winfried Engelbrecht-Bresges.] – July 16, 2016
* [http://www.scmp.com/sport/racing/article/2053326/putting-show-world-more-punters-want-piece-hong-kong Putting on a show for the world as more punters want a piece of Hong Kong.] – December 9, 2016
* [http://www.scmp.com/sport/racing/article/2103140/betting-britain-jockey-club-sees-great-growth-commingling-expected-hit Betting on Britain: Jockey Club sees great growth with commingling expected to hit HK$12b a year.] – July 18, 2017

=== Tabcorp ===

* [https://www.racing.com/news/2016-02-03/new-technology-for-tote-punters New technology for tote punters.] – February 3, 2016
* [http://www.gamingintelligence.com/business/36192-tabcorp-to-revamp-pari-mutuel-betting-in-key-territories-with-longitude Tabcorp to revamp pari-mutuel betting in key territories with Longitude.] – February 3, 2016
* [http://www.theaustralian.com.au/business/companies/tabcorp-in-us-deal-to-expand-betting-options/news-story/5aef39337092c701a4d379adfc826059 Tabcorp in US deal to expand betting options.] – February 4, 2016


== Further reading ==
=== Other ===
*[http://www.hkjc.com/english/pressrelease/mcs01_showhtml.asp?SelType=NEWS&filename=20140109_101826_E_NEWS.htm Hong Kong Jockey Club relaunches Quartet and adds two new themed venues at Sha Tin racecourse to enhance racing experience] January 9, 2014, The Hong Kong Jockey Club
*[http://www.scmp.com/article/1007454/sport-kings-still-behind-times Sport of kings still behind the times Asian conference sees talk of embracing new media, but its clear racing suffers from inaction and bureaucracy as it competes against illegal betting] July 22, 2012, South China Morning Post
*[http://www.nj.com/salem/index.ssf/2011/01/bills_to_boost_new_jersey_hors.html Bills to boost New Jersey horse racing industry signed into law] January 31, 2011, nj.com
*[http://www.jockeyclub.com/roundtable_11.asp?section=6 The Jockey Club Annual Round Table Conference] August 14, 2011, The Jockey Club


* [http://www.ise.com/media/78477/CS-383-LON-11-01-Summary-Letter.pdf Gaming Laboratories International validates Longitude Calculations.] – November 3, 2011
== External links ==
* [http://www.scmp.com/sport/racing/article/1221659/single-pool-wagering-will-change-betting-we-know-it Single pool wagering will change betting as we know it.] – April 24, 2013
[http://www.longitude.com www.longitude.com]
* [https://www.thoroughbredracing.com/articles/lessons-single-pool-wagering-hong-kong-show-promise-us-markets/ Lessons from single-pool wagering in Hong Kong show promise for US markets.] – May 25, 2015
* [http://www.longitude.com/en/about-us/sports-betting/ Sports Betting in America.] – May 31, 2016


[[Category:Finance]]
[[Category:Financial technology companies]]
[[Category:Wagering]]
[[Category:Wagering]]
[[Category:Gambling technology]]
[[Category:Gambling technology]]
[[Category:Horse racing]]
[[Category:Horse racing]]
[[Category:American companies established in 1999]]

Latest revision as of 12:19, 18 July 2024

Longitude LLC
Company typePrivate
IndustryFinancial/Gambling Technology
Founded1999; 25 years ago (1999) in New York, US
Key people
Scott Shechtman, CFA – President
Rich Wieszczek – Head of Technology
Websitewww.longitude.com

Longitude LLC is the inventor and distributor of the Longitude Enhanced Pari-Mutuel System™, a pool betting technology platform.

Pari-Mutuel Wagering

[edit]

The Longitude Enhanced Pari-Mutuel System enables sports betting and race track operators to offer a wider range of bet types, a richer display of odds data and bigger pools with more stable odds. By allowing a range of different types of wagers on an individual race or sporting event to be aggregated into merged pools, the Longitude Enhanced Pari-Mutuel System makes more efficient use of existing liquidity. Current customers utilizing the Longitude Enhanced Pari-Mutuel System include The Hong Kong Jockey Club, Tabcorp and The Football Pools.

Financial Markets

[edit]

The globally patented Longitude Enhanced Pari-Mutuel System has its roots in the financial markets, where it has been used for the pricing and settlement of markets on a range of financial and naturally occurring events, such as credit, economic statistics, and weather. Longitude LLC, a wholly owned subsidiaries of Nasdaq, is currently based in New York to further explore a number of financial markets applications.

History

[edit]

Longitude was founded in New York in 1999.

In 2006, ISE and Goldman Sachs jointly acquired all of the Longitude assets to conduct auctions on economic data options in partnership with the Chicago Mercantile Exchange (CME) and energy storage statistics in partnership with the New York Mercantile Exchange.[1]

In 2007, ISE purchased Goldman’s entire stake and Longitude became a wholly owned subsidiary of ISE.

In 2010 and 2011, the Longitude platform was reengineered to serve as a backend calculation engine for the sports betting and horse race wagering industries.[2]

In 2012, Sportech and Longitude sign a partnership to add depth to betting products.[3]

In 2013, The Hong Kong Jockey Club announces signing of strategic technology services agreement with Longitude.[4]

In 2014, Longitude Expands Relationship with Hong Kong Jockey Club.[5]

In 2016, Tabcorp and Longitude Announce Strategic Technology Initiative.[6]

In 2016, Longitude was acquired by Nasdaq to further explore a number of financial markets applications for the Enhanced Pari-Mutuel System.[7]

See also

[edit]

References

[edit]
  1. ^ "ISE Acquires Assets of Longitude; Innovative Derivatives Auction Platform and Technology". www.businesswire.com. Archived from the original on 2015-02-02. Retrieved 2017-08-14.
  2. ^ "Longitude LLC Announces It is Exploring New Business Opportunities" (PDF). November 8, 2010. Archived from the original (PDF) on 2013-10-21.
  3. ^ "UPDATE 1-Sportech signs deal to add depth to betting pools". Reuters. October 8, 2012.
  4. ^ "The Hong Kong Jockey Club announces signing of strategic technology services agreement with Longitude - Corporate News - About HKJC - The Hong Kong Jockey Club". corporate.hkjc.com. Retrieved 2017-08-14.
  5. ^ "Longitude Milestones" (PDF). ise.com. Archived from the original (PDF) on 2015-11-25.
  6. ^ "Longitude Tabcorp Announcement" (PDF). ise.com. Archived from the original (PDF) on 2016-03-28.
  7. ^ "Nasdaq Agrees to Acquire International Securities Exchange (NASDAQ:NDAQ)". ir.nasdaq.com. Retrieved 2017-08-14.

Further reading

The Football Pools

[edit]

Hong Kong Jockey Club

[edit]

Tabcorp

[edit]

Other

[edit]
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