rick Cáceres has a dream and goal that he makes sure are clear throughout the interview. As CEO of Eurohípica, the Eurobets trademark that broadcasts the races of the French Pari Mutuel Urbain (PMU) in the Dominican Republic, he wants to win back a top-tier audience that the activity has lost since its best years when dresses and cocktails were the common denominators of those who approached horse racing in the Caribbean country.
Among the main goals, the company has stated its focus in creating a movement that leads to the rebirth of the selective and high-status world of equestrian sport in the Dominican Republic, how much progress have you made in this regard, and how much longer to achieve it?
This is something that I'm personally passionate about. I come from the United States where the equestrian sports lifestyle is still upheld. Throughout the year, I usually visit the big races like the Kentucky Derby, Breeders and Saratoga Stakes Cup, and others. The custom consists of not only watching the races, which are spectacular but with the same enthusiasm going out to social events in restaurants and other places of entertainment. Everything becomes a very interesting 'networking'. In the Dominican Republic, we are still organizing an effective strategy to create awareness and awaken that audience that we know exists and that has been neglected for some time.
In the quest to recover this audience, you partnered with the designer José Jhan, who is in charge of portraying the golden age of horse racing in a new style. What other initiatives do you have in mind? Do you already have a schedule of events prepared for this season?
We have made several interesting approaches that together will give us the opportunity to be an innovative or at least fun-loving company. This will be evident in the type of themed events we have designed around various major PMU races and others throughout the year. The calendar starts in November, where we will be announcing the grand opening of our 'Eurohipica' equestrian agency franchise concept at the 'El Quinto Centenario' racetrack in Santo Domingo.
Your approach is directed to the Dominican Republic. Do you have plans to expand to other Latin American countries at the retail level? How would this be? Partnering with local operators? Or through the company's own platform?
Our expansion plans are being mapped and projected for mid-2022. We hope to achieve this using the same model that has so far proved successful to us, particularly in similar or emerging markets. Our platform would be duplicated and tailored to the needs of local users and the requirements of regulators. But this is only a vertical (online), in the same way, we place the product in verticals of local distribution. This can be in horse racing betting agencies, lotteries, or others.
We know that the firm wants to reach 30 thousand retail outlets, partnering with small operators to reach the whole country, what is the company's current situation in regard to that goal?
After several conversations we have had recently, we have the opportunity to exceed this goal. We are right in the middle of negotiations with groups and consortium betting agencies, with more than 10 thousand spaces or agencies. I cannot mention names but there are several.
Your service covers more than 30 daily races from various countries, do you plan to continue growing in terms of quantity and quality of competitions?
Since our main supplier is PMU, this positions us as market leaders for horse racing in the markets where we operate. It also gives us a very wide field of operation, in a space that is new to offer the simplicity of doing so through technology.
How does the PMU common stock system work? Could you tell us more about this characteristic that makes them so unique? Will the number grow as they continue to enter new markets?
PMU's common funds are fed by 51 markets/countries, where each one contributes 55% of the amount of each play. Thus the prizes have a significant and fixed increase. As markets are added, the common funds grow and therefore the prizes do also. If you take the example of the most important race in France, La Quinte, they average between € 500 thousand and € 1 million each race per day.
Being a reference in terms of equestrian activities and with sports betting growing exponentially throughout the planet, do you evaluate taking your experience to other sports activities or do you prefer to give the best possible product in what you are already experienced in?
Both options can coexist as long as the first part is properly conceptualized and positioned and proves to be sustainable and scalable. Given that case, the second part is entirely possible. In our case, we are evaluating possibilities in the online casino area, where we believe there is an interesting market in the Dominican Republic.
Is there anything you can advance and tell us on the matter? Will you partner with an operator to achieve it?
We are waiting for the new local regulation coming out at the end of the year to continue with the application for our own online casino license. Once approved, these products will be uploaded on a platform that is already under development.