On Thursday, The British Tote Group, a group formerly known as Alizeti Capital, announced that it had completed the acquisition of a full-betting operation from Betfred boss Fred Donne, who acquired the former state-owned Tote through the auction method back in 2011.
Alizeti paid £20m for Tote’s 25% stake in Tote in May 2018, and the UK Tote Group will now pay an additional £95m to acquire the remaining 75% of the company. Former Merrill Lynch trader Alex Frost, who heads the British Tote Group, said it was “a milestone that marks the beginning of an exciting new era for totes”, and struggled to stay relevant in an era where punters have more betting options than to. Te’s heyday.
In October 2018, Frost’s group signed a contract with Britbet, a consortium of 55 British racecourses, to help Tote establish itself on uk tracks for the next seven years and (b) act as an international betting pool provider. The likes of the Hong Kong Jockey Club.
Thursday’s announcement came a week after British media reported that billionaire Michael Spencer was taking a 10% stake in the British Tote Group at an estimated cost of £10m. Spencer believes tote, which currently holds only 3-4% of the UK betting market, can improve by mixing data and technology upgrades, including the launch of the new Tote website.
Frost told Betfred and Fred Dadony on Thursday, “Thank you for their valuable help over the past 18 months.” He said Frost and his team “wanted to do their best, and they want to be able to deal with it very fairly.”
Done (pictured) wasn’t always warm to racing celebrities because he had previously described his racing relationship with Betfred as a “broken”. Tote’s full-betting monopoly expired in July 2018, and Done had previously shown a desire to break his relationship.