The Tote Consortium and Britbet have agreed a seven-year deal to offer a single pool on races run at Britbet’s 55 racecourses in the United Kingdom.
The agreement between Britbet and the Tote Consortium, comprised of current UK Tote owners Alizeti and Betfred, will see Brtibet’s partner racecourses receive more £50m over the course of the next seven years.
This will allow the Tote to maintain its presence at the Britbet tracks while continuing to develop the Tote online and in betting shops, while Britbet will manage all operations across these racecourses, including promoting pool betting and enhancing the on-course customer experience.
The agreement 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. This will see At The Races, the Racecourse Media Group and GBI Racing working together with the Tote to promote British racing around the world.
“This deal builds on the hard work and achievements of the Betfred team in the seven years of our ownership of the Tote,” said Betfred founder and chief executive Fred Done. “We look forward to continuing this work as part of a new era for the Tote alongside our existing partnership with Ascot.”
Neil Goulden, chairman of Britbet, commented: “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 rollout of our new technology across the 55 racecourses along with the operational control we have been exercising since 13 July remains central to the Britbet vision. This agreement now gives us scope to deliver an even richer experience for our racecourse customers.”
Tuesday’s deal follows a near four-month standstill period agreed between Britbet and the Tote in June, in order to allow for substantive and good faith discussions, analysis of business plans and due diligence.
Britbet was due to launch on July 12th following the end of the Tote’s exclusive right to offer horse racing pools in the UK.
Alex Frost, chief executive of Alizeti, added: “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.
“We look forward to continuing to work closely with the Betfred and Britbet teams and I would like to thank Fred Done and Phil Siers, along with Neil Goulden, Nigel Roddis and the Britbet board, for their significant and constructive input which has enabled this deal to be agreed. We are very excited about the Tote’s potential and remain focused on bringing British racing together for the Tote to ensure it has the brightest possible future.”