Racing Post Industry Editor Bill Barber on the news that the two operations planning to run pool betting on British racing have come to an eleventh-hour agreement to work together in a £50 million seven-year deal.
The deal between Britbet, the project put together by 55 of Britain's racecourses, and the Tote consortium made up of Betfred and their partners Alizeti means that the sport will continue to have one pool into which tote bets are placed.
Alex Frost, the chief executive of Alizeti which owns a 25 per cent stake in the Tote, said the agreement was a "very important step" in revitalising the Tote and helping secure British racing's finances for "generations to come", while Arena Racing Company chief executive Martin Cruddace described it as a "landmark deal for British racing".
Under the agreement, the Tote brand will be continue to operate on the 55 racecourses who are part of Britbet, which include those under the Arena Racing Company and Jockey Club banners along with the likes of Goodwood, Newbury and York.
Ascot launched its own pool-betting operation AscotBet in partnership with the Tote in July and the Berkshire track will be included in the single pool as well, as will Chelmsford.
Britbet will manage all operations across their 55 partner racecourses while the Tote consortium will continue to develop the Tote online and in betting shops as well as being responsible for the digital offering and marketing of the Tote.
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ascot racecourse wiki Britbet and Tote agree to work together in £50m pool-betting deal | |
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