KIT digital, Inc. (NASDAQ: KITD) has announced it has signed a two-year contract extension with Sky Racing to power the Australian broadcaster’s live and on-demand IP-delivered video service. The two companies reached a final agreement together at the NAB 2012 Show in Las Vegas.

Sky Racing, owned by Tabcorp, broadcasts three channels of thoroughbred, harness, and greyhound racing over cable and satellite to customers in Australia and Southeast Asia. Leveraging the KIT Video Platform, Sky Racing has expanded its offer to deliver live races over the web and to connected tablet devices. Seamless integration with Sky’s live betting system allows customers to wager on the outcomes of races through an intuitive online interface, even if they can’t make it to the racetrack. The solution also supports online in-stream and paired advertising, as well as e-commerce merchandising.

“Our existing implementation of the KIT Video Platform has dramatically expanded Sky’s reach and audience, and we’re thrilled to extend our relationship with KIT digital for the next two years. The Sky Racing online video portal already receives over one million views each month, and we project that number will grow dramatically as we work with KIT to roll out even better functionality for our viewers across an expanding range of international markets,” said Alex Harradine, Broadcast IT Manager for Sky Racing.

KIT digital’s solution also delivers premium on-demand access to Sky Racing’s recordings of past races. Customers can purchase access to individual videos, or sign up for access through a premium monthly subscription. Sky says they see a real opportunity to monetise its vast library of catalogued races, and plans on tapping more of its 300,000 videos to meet this demand in the months to come.

“For really the first time, the technology and infrastructure in both developed and emerging markets can support the fidelity of live video delivery necessary for successful sports betting. A punter in say, Dubai or Singapore, can easily place a bet and watch the Melbourne Cup from their smartphone or tablet — meaning that no matter where you are, you’ll never miss the race that’s important to you,” said Nicole Dixon, Managing Director APAC, KIT digital.

Visit http://www.kitd.com