Tote set to offer pool betting on football in bid to grow customer base

The UK Tote Group is to diversify into pool betting on football but has insisted the move is being made to help strengthen its core racing product by widening the Tote's customer base.

The group has raised £20 million from its shareholders, according to Sky News, to fund its plans.

The investors in the Tote include a number of prominent racehorse owners and racing figures and the cash raised will also be used to invest in the platform used for racing.

Director of communications and corporate affairs Susannah Gill said: "As the UK Tote Group we have made a long-term commitment to rejuvenating the Tote and increasing pool betting on British racing.

"Our ability to respond to new opportunities, beyond our initial acquisition of the business, remains a key priority and we are grateful to our enormously supportive shareholders who share our ambitions for the Tote."

The UK Tote Group completed its purchase of the Tote from Betfred for £115m in October 2019.

Racehorse owners the Niarchos Family, Lord Lloyd-Webber, Simon Munir and Isaac Souede are among those who have invested in the project, along with the China Horse Club. Billionaire businessman Michael Spencer, a former treasurer of the Conservative Party, is also a shareholder.

Susannah Gill: Tote seeking to increase its support for British racing

Gill added: "We have completed a capital raise to allow for investment into the core platform on which we offer our digital racing pools product, as well as being able to expand into other sports.

"This will ensure the Tote can appeal to a broader base of sports fans who have not, as yet, chosen to bet with the Tote.

"This is an essential element to ensuring the further growth and success of the Tote and increasing the role it can play in supporting British racing."

Money raised from shareholders could also be used to prepare for any regulatory changes required following the government's long-awaited gambling review, which is expected to be launched in the next few days, possibly as early as Monday.

A possible ban on gambling sports sponsorship and advertising, stringent affordability checks, the end of VIP schemes and limits to online gaming stakes to mirror those in betting shops are among the areas the review is expected to cover.

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