UK racing’s pool betting fans – all six of them – are breathing easier after a last-minute deal saved the iconic Tote wagering service from the ash heap of history.
On Tuesday, a deal was announced between the consortium of 54 UK racecourses known as Britbet, and Alizeti Capital, the Alex Frost-led group that acquired a 25% stake in the Tote from its owner, UK bookies Betfred, in May.
The deal will see the Tote betting pool remain a fixture at UK racecourses for the next seven years, while the racecourses will receive a guaranteed £50m sum over that period. The Tote will also continue to serve as the global pool betting provider for international commingling purposes.
The deal requires Alizeti to eventually acquire the remaining 75% of the Tote from Betfred boss Fred Done, who has appeared eager to rid himself of these meddlesome track owners ever since he acquired the Tote in 2011. Done’s Tote monopoly expired in July and the Britbet scheme was intended to allow track operators to regain control over the pool betting business.