CAYMANAS Track Limited (CTL), the sole promoter of local horse racing, is steadily gaining monetary ground following the decision one month ago to simulcast foreign races on Sundays at its Offtrack Betting Parlours (OTBs) across the island.

When the OTBs opened for the first time on a Sunday to sell foreign races four weeks ago, CTL gained an additional sum of approximately $3 million to its coffers. By Sunday last that amount had grown to approximately $4.6 million.

Chief Executive Officer (CEO) at CTL Cedric Stewart said the increase was encouraging especially given the fact that there were some technical issues involving the simulcast signal which hindered the company earning even more.

“The sales at our OTBs and at the racetrack since the introduction of the Sunday simulcast of races from overseas have been very encouraging and bode well for the future. On Sunday last sales went up to $4.6 million, despite us having to refund quite a bit of money because of technical problems which curtailed the signal and by extension our ability to offer a number of races to punters at our OTBs. These problems have been solved and it should be full steam ahead this coming Sunday,” the CTL CEO said.

The Sunday figure of $4.6 million compares with an average of $4 to $5 million when races are simulcast during the week (Monday to Friday). This amount peaks to an average of $7 million on Saturdays when simulcast races are sold before, during and after local races.

“The simulcast of races on Sundays is a new initiative by CTL. We are monitoring the progress and so far we are pleased. We are doing everything to generate new income for the company and you can look out for local races on designated Sundays starting on August 25,” Stewart said.

August 25 marks the first time that CTL will conduct local racing on a Sunday with its OTBs open for business. According to Stewart this is a significant development and one which will generate even more income for the company.

“Local racing on Sundays with our OTBs in operation will be a new testing ground for us, but I do not envisage any problems at this stage. The weekend of August 24 and 25 is expected to generate major interest, and our promotional team here at CTL will ensure that the public is advised of the happenings and will be specially designed to aid the back-to-school effort,” said the man in charge of the promoting company.