Alizeti completes 100% buyout of the Tote
Operator pledges to relaunch the product with a new modern UX and updated pool formats
Alizeti has completed its acquisition of the UK Tote from Betfred and renamed itself the UK Tote Group, the firm announced this morning.
Alizeti initially bought a 25% stake in the Tote back in May 2018 and recently held a £50m funding round to pay for the remaining buyout to become the sole owner.
The company said it would be sharing its plans for developing the Tote, including the launch of a new Tote website and the return of Tote Ten to follow in a new modern format.
“Today marks the start of an exciting new era for the Tote,” said Alex Frost, UK Tote Group chief executive.
“Pool betting plays a leading role in racing jurisdictions around the world and we believe the Tote can play a similar role in the UK, while supporting and growing British racing in the years ahead. I would like to personally thank Fred Done and his team at Betfred for their invaluable help over the last 18 months.”
The Tote Group team said it had already had “constructive conversations” about partnerships to sell Tote products through retail and digital outlets, as well as with overseas pool betting operators.
The group is backed by more than 160 individual investors, the majority of whom are racehorse owners and breeders.
Today marks the start of an exciting new era for the Tote. Hear from our team about our plans to revitalise the Tote and put it back at the heart of horseracing. pic.twitter.com/kLox6gS9au
— UK TOTE GROUP (@UKToteGroup) October 17, 2019
Eamonn Wilmott, UK Tote Group chairman, added: “I would like to offer my sincere thanks to everyone who has been part of helping us get here. As well as supporting British racing, we want the Tote to make an ever-increasing contribution to ‘UK Plc’. We have our headquarters in Wigan and we aim to expand further, as well as building the Tote’s global connections.”
Fred Done said Betfred had made a “significant contribution to racing” over the last eight years through its ownership of the Tote.
“We wish Alex Frost and his team all the best and they have been very fair to deal with,” Done said.
In addition to paying the Horserace Betting Levy, the UK Tote Group has an agreement with Britbet, a partnership of 55 British racecourses, which will see the Tote contribute a minimum of £50m to the sport over the next 7 years.