Betfred has confirmed the successful acquisition of the Tote. As reported on the 18th of May by Casino Manual, Betfred revealed their plans if their acquisition of the Tote was successful.
Betfred has confirmed they have purchased The Horserace Totalisator Board (known as the Tote) for £265 million. The initial payment will be £150 million and will include interest accrued of £115 million. Further to the acquisition, Betfred has been awarded an exclusive 7 year license to operate pools betting on UK racecourses. The deal will also see Betfred take over Tote’s 517 betting shops and online businesses.
Racing will directly benefit from over £155 million over the 7 year period – Betfred will pay £11 million until March 2012 and £9 million annually for the remaining 6 years. What’s important to note is that the Tote brand will remain present throughout all UK racecourses.
As a result, the Betfred Group will become the country’s biggest sponsor of Racing and will develop Racing’s Big Society Initiative which will raise funds for charities and encourage more people to attend Racing in general.
One aspect that was a negative was the potential loss of jobs at the Tote. Betfred are committed to provide strong prospects and opportunities to Tote staff and will form a group of 9,000 employees. So good news all round.
In terms of Tote’s betting shops, they will be rebranded Betfred. This will further enhance their presence in the UK. Barry Nightingale, who is the CFO and Chairman of the newly formed Tote Racing Development Board said Betfred were “very pleased to have been selected by Government to be the new, long-term owners of the Tote”. He also went on to say that they are ”absolutely confident that, working with Tote management and employees, we will together be able to grow the business, develop the pool and, through its success, be able to return more to the Racing industry.”
Fred Done, who is the Executive Chairman and founder of BetFred said the following:
“Buying the Tote has been an ambition for years, so I am absolutely delighted. The Tote is an opportunity I just could not miss. I love racing and I believe we have the greatest in the world. Over the coming months I will develop the Tote’s relationship with the sport into a highly successful commercial partnership”.
He went on to say he is “thrilled and excited by the opportunities ahead” and extends “a big welcome to Tote staff”. You can read all about Betfred Casino, who are powered by Playtech and offer over 200 casino games to choose from, by clicking here.