Longitude LLC

Longitude LLC is a New York-based technology company whose principal product is the Longitude Enhanced Pari-Mutuel System, a patented platform for calculating, displaying, and settling pooled wagers. The system is designed for pari-mutuel environments in which stakes from multiple customers and bet types are aggregated into pools and the resulting payouts are determined from the total pool after applicable deductions. Its stated benefits include support for a broader range of wager types, richer odds displays, larger combined pools, and more stable prices for bettors. The company was founded in New York in 1999. Its technology originally emerged from applications in financial markets rather than from conventional racing software. The platform was used to price and settle markets associated with financial and naturally occurring events, including credit conditions, economic statistics, and weather. This background gave Longitude a technology base for aggregating heterogeneous inputs and calculating outcomes across complex or changing markets. In 2006, International Securities Exchange and Goldman Sachs jointly acquired Longitude's assets. The parties used the technology in projects involving auctions for economic-data options carried out with the Chicago Mercantile Exchange and energy-storage statistics developed in partnership with the New York Mercantile Exchange. In 2007, ISE acquired Goldman Sachs's remaining interest, making Longitude an ISE subsidiary. During 2010 and 2011, the platform was reengineered to operate as a backend calculation engine for sports betting and horse-race wagering. This represented a major change in commercial emphasis: rather than presenting itself primarily as a consumer-facing betting brand, Longitude supplied infrastructure to operators and pools. The system can combine different wager types on the same event into merged pools, allowing operators to use liquidity more efficiently and potentially offer products that would otherwise have relatively shallow pools. Longitude subsequently developed relationships with major wagering organizations. In 2012, it entered a partnership with Sportech to broaden betting products. The Hong Kong Jockey Club announced a strategic technology-services agreement with Longitude in 2013, followed by deployments and product developments involving Quartet, First 4, and other racing pools. In 2016, Tabcorp and Longitude announced a strategic technology initiative concerning pari-mutuel betting in important markets. The Football Pools was also identified as a customer using the system and launched MatchXtra, a pools product associated with the broader Longitude technology ecosystem. In 2016, Nasdaq acquired Longitude to investigate additional applications of the Enhanced Pari-Mutuel System in financial markets. Reference material describes Longitude after the acquisition as a wholly owned Nasdaq subsidiary based in New York. Publicly available material does not establish a separate current corporate website, current executive roster, or whether the business continues to operate under the same standalone name. Longitude is therefore best understood as a specialized business-to-business wagering and market-technology brand rather than a mass-market consumer brand.

Longitude was founded in New York in 1999. Its technology was initially connected to financial-market applications, where it was used to price and settle markets involving credit, economic statistics, weather, and other financial or naturally occurring events. The platform's ability to aggregate information and calculate market results later became the basis for its use in pari-mutuel wagering. In 2006, International Securities Exchange and Goldman Sachs jointly acquired Longitude's assets. The technology was applied to auctions involving economic-data options in cooperation with the Chicago Mercantile Exchange and to energy-storage statistics in cooperation with the New York Mercantile Exchange. In 2007, ISE bought Goldman Sachs's entire stake, after which Longitude operated as a wholly owned ISE subsidiary. The company reengineered its platform in 2010 and 2011 to support sports betting and horse-race wagering as a backend calculation engine. The resulting Longitude Enhanced Pari-Mutuel System was intended to let operators aggregate multiple bet types and event pools, increase available liquidity, provide richer odds information, and produce more stable prices. The system remained primarily an infrastructure product supplied to operators rather than a direct-to-consumer betting service. Longitude entered a partnership with Sportech in 2012. In 2013, the Hong Kong Jockey Club announced a strategic technology-services agreement with the company. Subsequent Hong Kong Jockey Club initiatives included the relaunch of Quartet in 2014, work involving the merging of Quartet and First 4 pools in 2015, and further products and pool-management applications. The Football Pools also used Longitude technology and launched MatchXtra in 2014. In 2016, Tabcorp announced a strategic technology initiative with Longitude concerning pari-mutuel betting and expanded betting options. That same year, Nasdaq acquired Longitude. The acquisition was described as supporting Nasdaq's exploration of financial-market applications for the Enhanced Pari-Mutuel System. Reference material places the subsidiary in New York after the acquisition. Information about subsequent ownership structure, leadership, financial performance, or current trading status is not established by the supplied sources.

• 2016

  Nasdaq acquisition

  [1]Longitude LLCen.wikipedia.org

  Nasdaq acquired Longitude to investigate additional financial-market uses for its platform.

• 2013

  Hong Kong Jockey Club agreement

  [1]Longitude LLCen.wikipedia.org

  The Hong Kong Jockey Club announced a strategic technology-services agreement with Longitude.

• 2012

  Sportech partnership announced

  [1]Longitude LLCen.wikipedia.org

  Longitude and Sportech partnered to add depth to betting products.

• 2010

  Platform reengineering begins

  [1]Longitude LLCen.wikipedia.org

  Longitude began adapting its platform for sports betting and horse-racing wagering applications.

• 2007

  Longitude becomes an ISE subsidiary

  [1]Longitude LLCen.wikipedia.org

  International Securities Exchange acquired Goldman Sachs's remaining stake in Longitude.

• 2006

  ISE and Goldman Sachs acquire Longitude assets

  [1]Longitude LLCen.wikipedia.org

  The two firms jointly acquired Longitude's assets for projects involving economic-data options and energy-storage statistics.

• 1999

  Longitude founded in New York

  [1]Longitude LLCen.wikipedia.org

  Longitude was established in New York as a technology company focused on market calculation and settlement applications.

Specialized business-to-business infrastructure for pooled wagering, odds calculation, pool commingling, and settlement, with roots in financial-market technology.

• Pari-mutuel wagering technology

  Longitude Enhanced Pari-Mutuel System

  Longitude's principal platform is a patented pool-betting technology system for sports betting and horse-racing operators. It supports multiple wager types on an individual event, aggregates them into merged pools, calculates and displays odds, and supports settlement. The system is intended to make more efficient use of available liquidity while enabling broader betting menus and more stable odds. It was also developed from earlier financial-market pricing and settlement applications.

• 2016

  Nasdaq acquires LongitudeM&A

  Background

  Nasdaq sought to explore additional financial-market applications for the Enhanced Pari-Mutuel System.

  Action taken

  Nasdaq acquired Longitude, which reference material describes as becoming a wholly owned subsidiary.

  Aftermath

  Longitude was described as continuing to be based in New York, but the supplied sources do not establish its later standalone operating status or leadership.

  Source

• 2010

  Reorient the platform toward wagering infrastructureStrategy

  Background

  Longitude had roots in financial-market pricing and settlement, but the company sought applications in sports betting and horse-race wagering.

  Action taken

  The platform was reengineered during 2010 and 2011 to function as a backend calculation engine for wagering operators.

  Aftermath

  The reengineering supported later deployments with organizations including the Hong Kong Jockey Club, Tabcorp, and The Football Pools.

  Source

1. 1Longitude LLCen.wikipedia.org