Britbet to delay launch as Tote partnership talks continue

Britbet, the pool betting operation set up by 55 race tracks to rival the Tote, will not go live on 13 July as previously planned, as the tracks continue their discussions with the Tote about joining together.

A statement this morning said the operator had agreed to a ‘standstill arrangement’ with the Tote as it seeks to better understand its options going forward rather than rush to launch.

As previously reported by EGR, the racecourse owners had initially come together to set up britbet as a rival to the Betfred-run Tote, in an effort to increase returns to racing.

However, following the sale of the tote from Betfred to the Alizeti consortium, returns to racing are set to rise regardless.

Britbet is trying to establish whether Alizeti’s promises are deliverable and whether it has the funding to support its goals.

This process is expect to take will take longer than the four weeks between now and the originally scheduled launch of 13 July.

There are two possible outcomes from the talks; britbet is convinced of Alizeti’s proposal and therefore agrees to form a single pool with the tote.

Alternatively, if the britbet board is not convinced, it will go ahead with its own operation as planned, powered by Colossus Bet.

Neil Goulden, chairman of britbet, said: “The britbet vision has always been very clear, namely to maximise the guaranteed investment for our partner racecourses and to ensure the racecourses take control of the technology pathway, product presentation and customer engagement on our courses to improve the entire pool betting landscape.

“With those principles secured, we are able to explore ways in which we may be able to work with an invigorated Tote to deliver the best product and service for our racecourse partners and ultimately for racegoers.

“This agreement is clearly aligned with our “by racing, for racing” proposition and, thanks to the hard work of the britbet Board and team, I am delighted that we have secured those key aspects which now enable us to consider ways of working in partnership with others.”

Alex Frost, chief executive of Alizeti Capital and 25% stakeholders in the Tote, said: “I would like to thank Neil and the Britbet board for the immensely collaborative and positive manner in which discussions have taken place.

“Our team will continue to work with the britbet team to ensure the best outcome for the sport in the months and years ahead. As Together for the Tote we are committed to securing racing’s finances for generations to come through a revitalised Tote.”

Following the agreement, the 13 July will see the existing Tote kiosks on the 55 tracks continue to take bets under the Tiote banner rather than britbet.

However, in the meantime, the technology in the kiosks will be upgraded to britbet technology, and the Betfred staff will be transferred over to britbet.