Britbet and Tote consortium agree £50m single-pool deal
Two groups hail a landmark deal that will guarantee returns to racing while revitalising pool betting
Britbet and the Tote consortium have agreed a “landmark” seven-year deal that will see the two bodies run a combined pool betting operation.
Under the agreement, the 55 racecourses which are part of Britbet will receive more than £50m over the course of the next seven years from the Tote consortium – Betfred and Alizeti.
Betfred owns 75% of the Tote and Alizeti owns 25%, although it is expected Alizeti will buy Betfred out in the next year.
In return for the £50m, the two groups will offer a single pool on races run at the 55 racecourses, with the Tote brand maintained at these tracks.
The Tote consortium will also develop the Tote online and in betting shops, whilst also being responsible for the digital offering and marketing of the brand.
Britbet for its part, will manage all operations across their 55 partner racecourses, including promoting pool betting and enhancing the on-course customer experience.
One source questioned whether the consortium would be able to deliver the required level of guaranteed money.
Neil Goulden, chairman of Britbet, said: “Our primary focus has been to ensure our 55 partner racecourses maximise the returns available through pool betting, and this has now been realised.
“We now look forward to working with the Tote consortium to deliver the innovation and investment that will allow pool betting to flourish and, in turn, serve the sport we love.”
The deal also sees British racing’s media rights holders designate the Tote as the official global pool betting provider for the sport for the next seven years, meaning At The Races (ATR), the Racecourse Media Group (RMG) and GBI Racing will promote British racing around the world.
Alex Frost, chief executive of Alizeti, said: “We are committed to being part of helping secure British racing’s finances for generations to come through a revitalised Tote.
“This deal is another very important step forward in enabling this to happen and follows on from the Tote’s existing partnership with Ascot, ensuring the sport now has a united approach to pool betting.”