Longitude LLC explained

Longitude LLC
Type:	Private
Industry:	Financial/Gambling Technology
Foundation:	in New York, US
Key People:	Scott Shechtman, CFA – President Rich Wieszczek – Head of Technology

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

Pari-Mutuel Wagering

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

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

• Parimutuel betting
• Sports betting
• Horse racing

Further reading

The Football Pools

• The Football Pools announces the launch of MatchXtra, an innovative new Pools product. – December 4, 2014
• The Football Pools Launches MatchXtra. – December 8, 2014

Hong Kong Jockey Club

• The Hong Kong Jockey Club relaunches Quartet as the first product powered by Longitude. – January 1, 2014
• Quartet betting to return for first time since 1988. – January 9, 2014
• Longitude engine will take betting further, says Hong Kong Jockey Club. – May 7, 2014
• Quartet and First 4 to merge into one pool for increased customer benefits. – January 12, 2015
• New technology to merge Quartet, First Four pools. – January 13, 2015
• Nothing really equates to the Longitude experience. – January 14, 2015
• Combined Quartet, First Four pools sees turnover rise. – January 19, 2015
• Composite Win to be launched from October 25th. – October 7, 2015
• Optimism for bumper new racing season, says Jockey Club chief Winfried Engelbrecht-Bresges. – July 16, 2016
• Putting on a show for the world as more punters want a piece of Hong Kong. – December 9, 2016
• Betting on Britain: Jockey Club sees great growth with commingling expected to hit HK$12b a year. – July 18, 2017

Tabcorp

• New technology for tote punters. – February 3, 2016
• Tabcorp to revamp pari-mutuel betting in key territories with Longitude. – February 3, 2016
• Tabcorp in US deal to expand betting options. – February 4, 2016

Other

• Gaming Laboratories International validates Longitude Calculations. – November 3, 2011
• Single pool wagering will change betting as we know it. – April 24, 2013
• Lessons from single-pool wagering in Hong Kong show promise for US markets. – May 25, 2015
• Sports Betting in America. – May 31, 2016

Notes and References

1. Web site: ISE Acquires Assets of Longitude; Innovative Derivatives Auction Platform and Technology . https://web.archive.org/web/20150202175216/http://www.businesswire.com/news/home/20060404005631/en/ISE-Acquires-Assets-Longitude-Innovative-Derivatives-Auction . 2015-02-02 . 2017-08-14 . www.businesswire.com . en.
2. Web site: November 8, 2010 . Longitude LLC Announces It is Exploring New Business Opportunities . 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 . 2013-10-21.
3. News: UPDATE 1-Sportech signs deal to add depth to betting pools. October 8, 2012. Reuters.
4. Web site: 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. 2017-08-14.
5. Web site: Longitude Milestones . https://web.archive.org/web/20151125091135/http://www.ise.com/media/119234/Longitude-Milestones_111815.pdf . 2015-11-25 . ise.com.
6. Web site: Longitude Tabcorp Announcement . https://web.archive.org/web/20160328124204/http://www.ise.com/media/124262/longitude-tabcorp-announcement_final.pdf . 2016-03-28 . ise.com.
7. Web site: Nasdaq Agrees to Acquire International Securities Exchange (NASDAQ:NDAQ). ir.nasdaq.com. en. 2017-08-14.