Longitude LLC
| Company type | Subsidiary |
|---|---|
| Industry | Financial technology, Gambling technology |
| Founded | 1 January 1999 in New York, United States |
| Headquarters | New York , United States |
| Products | Longitude Enhanced Pari-Mutuel System™ |
| Parent | Nasdaq |
Longitude LLC is the creator and provider of the Longitude Enhanced Pari-Mutuel System™, a technology platform designed for pool betting.
Pari-Mutuel Wagering
The Longitude Enhanced Pari-Mutuel System allows operators in sports betting and racetrack industries to present an expanded variety of wager options, enhanced odds visualization, and larger betting pools with more consistent odds. By consolidating multiple bet types on a single event into unified pools, it maximizes liquidity efficiency. Prominent clients include The Hong Kong Jockey Club, Tabcorp, and The Football Pools.
Financial Markets
Protected by international patents, the Longitude Enhanced Pari-Mutuel System was initially developed for financial markets to price and settle markets related to financial and natural occurrences such as credit events, economic indicators, and weather conditions. Longitude LLC, a Nasdaq wholly owned subsidiary headquartered in New York, continues advancing applications within financial market sectors.
History
Established in New York in 1999, Longitude’s assets were acquired in 2006 by ISE and Goldman Sachs to facilitate auctions involving economic data options with the Chicago Mercantile Exchange (CME) and energy storage data with the New York Mercantile Exchange.
In 2007, ISE purchased Goldman Sachs’ stake, making Longitude a fully owned subsidiary. Between 2010 and 2011, the platform underwent redevelopment to function as a backend system for sports betting and horse racing wagering.
The company expanded its market reach through strategic alliances: Sportech enhanced betting product offerings in 2012; The Hong Kong Jockey Club entered a technology services agreement in 2013 and broadened collaboration in 2014; Tabcorp announced a strategic technology partnership with Longitude in 2016.
Also in 2016, Nasdaq acquired Longitude to further its development of financial market applications utilizing the Enhanced Pari-Mutuel System.
See also
The Football Pools
- The Football Pools unveils 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 powered by Longitude. – January 1, 2014
- Quartet betting returns after nearly three decades. – January 9, 2014
- Longitude engine advances betting capabilities, according to Hong Kong Jockey Club. – May 7, 2014
- Quartet and First 4 pools merge to improve customer benefits. – January 12, 2015
- Technology merges Quartet and First Four pools. – January 13, 2015
- Longitude delivers a unique betting experience. – January 14, 2015
- Combined pools experience turnover growth. – January 19, 2015
- Composite Win launched October 25. – October 7, 2015
- Optimism for new racing season expressed by Jockey Club CEO Winfried Engelbrecht-Bresges. – July 16, 2016
- Hong Kong racing attracts international punters. – December 9, 2016
- Jockey Club anticipates HK$12 billion annual growth from commingling with Britain. – July 18, 2017
Tabcorp
- Innovative technology improves the tote punter experience. – February 3, 2016
- Tabcorp to modernize pari-mutuel betting across major markets utilizing Longitude technology. – February 3, 2016
- Tabcorp broadens US betting opportunities through a strategic partnership. – February 4, 2016
Other
- Longitude Calculations validated by Gaming Laboratories International – November 3, 2011
- Single pool wagering set to revolutionize traditional betting methods – April 24, 2013
- Insights from Hong Kong's single-pool wagering highlight prospects for US markets – May 25, 2015
- Overview of sports betting developments in the United States – May 31, 2016