A landmark £50m agreement between Britbet and the Alizeti consortium has been struck which will see the familiar Tote name continue to operate at UK racecourses.
The deal was borne out of the sale The Tote to UK bookmaker Fred Done for £265m in 2011which included a clause that gave exclusivity for seven years on pool bets. That monopoly ran out in July.
After the sale of 25 per cent of the Tote to Alizeti which is now looking for investment to purchase the remaining 75, Britbet was born in collaboration with most racecourses in order to control on-course pool betting when the Done deal expired.
The new deal now means that a divide in the industry between on and off course betting which would have further weakened pools has been avoided.
Alex Frost, CEO of Together for the Tote and head of the consortium said in a statement: “This deal is another very important step forward and follows on from the Tote’s existing partnership with Ascot, ensuring the sport now has a united approach to pool betting.”
