On Course Dive For UK Tote Betting

Winston Churchill would be amazed

The Tote, a name familiar to generations of racegoers over the past 90 years, will be replaced by Britbet from mid-July on the vast majority of British tracks when a group of racecourses including Cheltenham, Aintree, York and Goodwood takes control of on-course pool betting.

It is reported by www.theguardian.com that Sir Winston Churchill, a keen owner and racegoer, was instrumental in setting up the Tote in 1928 and it was government-owned before its sale to the Betfred bookmaking chain in July 2011. The deal with Betfred included a seven-year monopoly on British pool betting that expires on 12 July and 54 of Britain’s racecourses will launch their own pools under the Britbet brand the following day.

The decision by the tracks to set up a rival operation to the Tote will change the landscape on all but a handful of courses. In addition to the rebranding of pool betting, at least 49 of Betfred’s 51 on-course betting shops are scheduled to close, while the firm has also announced an end to major race sponsorships inherited from the Tote, including the Ebor Handicap at York and the “Autumn Double” of the Cambridgeshire and Cesarewitch at Newmarket.

Royal Ascot

Ascot and Chester are the only significant absentees from the project and the tracks involved hope their in-house betting project will allow them to take control of a valuable revenue stream.

“Our aim is to make Britbet synonymous with British racing and our racecourse partners while delivering a first-class experience for customers on and off the racecourses,” David Williams, Britbet’s director of communications, said. “It will be a genuine ‘by racing, for racing’ operation, which is something we believe customers will embrace.”

Pool betting has always struggled to gain a foothold in Britain’s competitive gambling market, as many punters prefer to bet at a fixed price with a bookmaker. The emergence of betting exchanges 15 years ago has further reduced the appeal of pool betting, where a slice is taken off the total amount bet on an event and a dividend is then declared to a £1 unit, dividing what remains between all winning tickets.

Britbet customers will be able to bet into pools both at racecourses and online but other key details of its offering – such as the introduction of a “small stake, big win” bet to rival the Tote’s Scoop6 – remain hazy at present.

The all-important level of deductions from pools has also yet to be decided, though punters will hope for a cut from the current rake-off from win pools, which was raised from 16.5% to 19.25% last year.

Have Your Say - *Please Use Your Name & Surname

Comments Policy
The Sporting Post encourages readers to comment in the spirit of enlightening the topic being discussed, to add opinions or correct errors. All posts are accepted on the condition that the Sporting Post can at any time alter, correct or remove comments, either partially or entirely.

All posters are required to post under their actual name and surname – no anonymous posts or use of pseudonyms will be accepted. You can adjust your display name on your account page or to send corrections privately to the EditorThe Sporting Post will not publish comments submitted anonymously or under pseudonyms.

Please note that the views that are published are not necessarily those of the Sporting Post.

Subscribe
Notify of
guest
11 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Share:

Facebook
WhatsApp
Twitter

Popular Posts

Good Newsbreak: Direct Exports From SA To EU Approved!

This amendment places South Africa’s African Horse Sickness (AHS) free zone back on the Annex IV list as an authorised zone within South Africa from which registered equines are authorised for direct entry into the EU following the required in-country pre-export quarantine period

Read More »