The UK Tote 25 percent shareholder Alizeti Consortium and newcomer Britbet have agreed terms on a seven-year deal with just hours left to the deadline.
Under the terms of the agreement, all tote bets will be pooled for the next seven years under the Tote brand in a GBP 50 million agreement.
Yet to be comprehensively launched, consumer pool betting brand BritBet will reportedly be put on the back burner for the duration of the deal. Our readers will recall the brand was established by 55 UK racecourses who broke away from the Tote to run their own betting operation.
Alizeti Consortium is headed by horse owner and breeder Alex Frost. The consortium is currently raising funding to acquire the remaining 75 percent of the Tote.
“We are committed to being part of helping secure British racing’s finances for generations to come through a revitalised Tote,” Frost said in a press statement Tuesday. “This deal is another very important step forward in enabling this to happen – ensuring the sport now has a united approach to pool betting.”