tote secures 20m for new product roadmap beyond racingby Joker 07.12.2020 0 comments
A reformed UK Tote Group has raised a reported £20 million from existing shareholders to diversify its products and technologies beyond the firm’s legacy dependence on racing fixtures.
Sky News ‘City Edition’ reported that Tote shareholders had agreed to back the firm’s new product roadmap, as the Tote eyes ‘an expansion into football betting to strengthen the company’s balance sheet’.
2021 will mark year-two of the Tote’s ownership under the racing consortium of Alizeti Capital, who in 2019 formally closed its laboured buyout of the UK pools operator from Betfred for £150 million.
The Tote’s divergence into new sports has been marked as a cornerstone project in the ongoing revitalisation of the company, expanding its funding resources for UK racing.
Led by former City executive and racing enthusiast Alex Frost (CEO), 2019 and 2020 saw the Tote focus on upgrading its existing racing systems by relaunching the ‘Tote Superpools’ at Royal Ascot and securing new totalizator liquidity partnerships with Horse Racing Ireland (HRI), Sweden’s ATG and the Hong Kong Jockey Club (HKJC).
Tote investors have backed the firm’s new product roadmap, following positive results from upgrades and international partnerships delivered since the resumption of racing in June.
Confirming media reports, the Tote stated that its new investment would be utilised within its ‘core platform on which we offer our digital racing pools product, as well as being able to expand into other sports’.
Tote Group spokesperson 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 are grateful to our enormously supportive shareholders who share our ambitions for the Tote.
“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.”