Yet-to-be-launched UK pool betting operation BritBet and the Tote are exploring alternative ways to collaborate and have agreed a launch standstill until those talks have been exhausted.
The Tote’s exclusively license comes to an end mid July and Britbet, representing 55 UK horse racing courses, has been publicising its upcoming launch, however, a potential partnership, and even a merger some media speculate, may be in the making rather than launching split UK horse race pool betting.
The development comes after the Alizeti Consortium of Racehorse Owners initiated its ‘Together for the Tote’ campaign backed by a group of dedicated racehorse owners and breeders and led by horse owner and breeder Alex Frost and Eamonn Wilmott.
At the end of May 2018, Alizeti agreed an acquisition deal for 25 percent of The Tote with Fred Done, founder and CEO of Betfred, in a GBP 150 million deal which provides an option to acquire the remaining 75 percent of the Tote in the future.
Discussions have reportedly been ongoing for some time with Britbet for a single UK pool betting solution powered by the Tote.
In a statement Tuesday, Alizeti said an important step forward had been made with britbet agreeing to a Standstill Arrangement with the Tote.
“The arrangement will provide the opportunity to develop a long-term partnership to ensure there is a single pool betting operation for British racing which is in the best interests of the sport,” the statement reads.
Alex Frost, Chief Executive of Alizeti said:
“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.”
Fred Done, Founder and CEO of Betfred, said: “This is a significant step in the right direction for the future of the Tote and I look forward to seeing the continuation of the hard work and achievements Betfred have made in the seven years of our ownership.”