Tote set to cut win deductions at Cheltenham Festival in bid to attract punters

Deductions from win bets on the Tote at next week's Cheltenham Festival are set to be reduced as the operation's partners introduce a promotion to test ways of making it more attractive to punters.

This year's festival will be the first major racing event for the Tote since owners Betfred and their partner the Alizeti Group teamed up with racecourse-owned Britbet last year.

When Betfred took over the Tote in 2012 the deduction rate on win bets, the cut the Tote takes from the pool, was 13.5 per cent. That soon rose to 16.5 per cent before a further increase to 19.25 per cent in 2017, increases which have been blamed for making the Tote unattractive compared to its alternatives.

Alizeti has taken a 25 per cent share in the Tote with the aim of buying it outright from Betfred owner Fred Done and in an interview with the Racing Post last year Alizeti's chief executive Alex Frost spoke of the deal providing the flexibility to reduce the deduction rate.

The rate cut will be a promotional offer at the festival with Alizeti, Betfred, Britbet and the management at Cheltenham itself looking to see how people respond to what they hope will be more competitive win pools.

In addition, the Tote will promote the Placepot over the festival, which last year paid out a dividend of £32,088.70 on Gold Cup day. There is also set to be a daily Scoop6, while there will be a guaranteed £25,000 in the Jackpot pools.

Alizeti was not able to comment specifically about next week's promotion, although it is believed deductions will not be cut to 2017 levels. However, it added more promotions could be expected later in the year.

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