UK Tote Group buys up the remaining share of Tote19th October 2019 / lee
Betfred have sold off the last chunk of the Tote, ending their association with the racing pool. The Tote, once owned by the state has been in the hands of Betfred ever since they won an auction to gain the rights in 2011. But now owner Fred Done has sold the remaining 75% of the operation to the UK Tote Group.
The UK Tote Group, formerly known as Alizeti Capital when they purchased the first 25% share back in the middle of last year, are putting forward the £95 m to Betfred to get the remaining 75% of the operation. The first 25% that they paid for cost them £20 m.
The head of the UK Tote Group Alex Frost came up with an agreement last year with Britbet, which is a consortium of 55 UK racecourses, saying that the UK Tote Group would ensure that the Tote would be present at those courses in the next seven years, as well as expanding the operation to the international scene.
The Tote has seen a decline in its number of players, and that has been the natural progression of so much racing betting variety available online to customers. The Tote reportedly earns about a 3-4% share of UK horse racing, but the UK Tote Group believe that it can get a lot better than that, as they are looking forward to the Tote entering an exciting new era because of this deal.
Billionaire Michael Spencer has brought up a 10% stake in the UK Tote Group and has stated that through technology and information, that the Tote can thrive. That there is plenty of room for growth in the competitive horse racing betting world. Also mentioned by Spencer was a new Tote website.
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