Woodbine Entertainment Switches to EFT-Only Purse Payments

Most recently, Ontario’s horse racing leader, Woodbine Entertainment, and Standardbred Canada announced changes to their payment methods. The two organizations informed that purse payments for all racetracks in the province will be made exclusively to local residents via Electronic Fund Transfer. The change will go into effect on April 1, 2024.

For those who are unaware, EFT which is commonly referred to as direct deposit, is an internationally accepted best practice for payments, and other forms of payroll all around the globe. This also includes conscious industries such as banking and insurance. The two organizations added the option for EFT purse payments in the end of 2022.

More Details

In its statement from last week, Woodbine Entertainment elaborated that all owners, trainers, and drivers who still have not applied for EFT payments via Standardbred Canada will be required to sign up before April 1, 2024. Those who still have not done it must be aware that all completed applications must be submitted before March 1, 2024.

Furthermore, for horses owned or leased by more than one person or more than one stable, the first owner of record will get the EFT payment. However, all owners must complete the direct deposit application form. Registrations and sign-ups can be done via Standardbred Canada’s Member Services. Woodbine and SC urge all participants to register as soon as possible.

Launching Product with Private Sportsbooks

This summer, Woodbine Entertainment made history as it incorporated its pari-mutuel betting on horse racing to the first privately owned and run sportsbook operator – bet365. The third-party brand is licensed to operate in Ontario’s regulated market for iGaming and its launch of betting on the fillies arrived just in time for this year’s the King’s Plate at Woodbine Racetrack.

Now former President and CEO of the horse racing group, Jim Lawson, then shared that the organization was working with more private sportsbooks to offer the pari-mutuel model in the near future. The aim is early 2024. He also revealed that the group is working on integrating its product outside of Ontario and delivering it to other provincial lottery corporations.

Finding its New CEO

Earlier this year, Woodbine Entertainment announced that its long-term CEO Mr. Lawson will step down from the position come the fall of 2023. But the group was quick to find his successor in Michael Copeland. The organization’s Board of Directors unanimously selected him and he officially assumed the position on October 1, 2023.

Mr. Copeland joined the operator in 2021 after previously serving as President/CEO of both the CFL and the Toronto Argonauts. He also started his own consulting business for the problems of growth and transformation in sports and entertainment. The new CEO also boasts a law degree from the University of Western Ontario and an MBA from Western’s Ivey School of Business.

Source: “Standardbred Canada and Woodbine transitioning to EFT only purse payments” Woodbine Entertainment, October 13, 2023