Tote secures seven-year deal with Britbet

Tote secures seven-year deal with Britbet

Wednesday, October 31, 2018 Posted by News Team
Horse Racing
Deal will see 55 UK racetracks represented by Britbet receive £50m

The UK Tote has secured its future for the next seven years after agreeing a deal worth £50m with Britbet, the rival pool betting operator established by a number of UK racetracks earlier this year. 

The deal will see the Tote, which is currently owned by Betfred and the Alizeti investment consortium, will work with Britbet to offer a single pool on races run at the 55 courses it represents. 

The on-course offering will remain under the Tote brand, with all operations including promoting pool betting and enhancing the on-course customer experience to be handled by Britbet. Betfred and Alizeti, meanwhile, will oversee the development of the Tote online and in betting shops.

The partners will also look at future opportunities for international co-mingling and other ways to develop the Tote offering further. 

At The Races, the Racecourse Media Group and GBI Racing, the three businesses that hold media rights to UK racing, have agreed to designate the Tote as the official global pool betting provider for horse racing over the next seven years. 

The racecourses that make up Britbet, including courses owned by the Jockey Club, Arena Racing Company and Scottish Racing, as well as the Goodwood, Newbury and York tracks, will receive £50m over the deal’s seven-year term.

The agreement brings to an end months of uncertainty over the future of the Tote following the expiration of its pool betting monopoly in February this year. In 2017, when the expiration was approaching, the UK racecourses formed Britbet to operate pool betting, deciding that they would not use Betfred’s Tote Pool services to power the offering. 

This prompted Betfred founder Fred Done to announce that he was to end his brand’s association with UK racing. The operator then agreed to sell a stake in the Tote to Alizeti in a £150m deal in May this year.

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