UK racing stakeholders are planning to launch a rival pool betting business to compete against the Betfred owned Tote, according to the Mail on Sunday.
Plans for a new betting pool are being led by The Jockey Club and Racehorse Media Group, in conjunction with several interested parties. However the Tote currently has a statutory monopoly on horseracing pools, which was transferred to Betfred for an additional seven years when the bookmaker bought the Tote, so the new offer will not appear any time soon.
Racing stakeholders are reported to have created a special committee investigating potential plans for the new enterprise, with stakeholders reportedly holding meetings with technology suppliers.
Competing against Betfred’s Tote, the enterprise will look to offer new pool games and services to 60 UK racecourses and leading UK retail bookmakers.
The enterprise would look to launch in 2018 when Betfred (who acquired the Tote in 2011) would lose its exclusive licence offering racing pool betting services.
During its protracted sale, the Tote had been the subject of several bids placed by UK racing stakeholders. However, all proposals had been rejected by the then ruling Labour government.
A joint venture led by The Jockey Club and Racehorse Media Group would look to modernise pool betting and raise further funding for UK racing
Both The Jockey Club and Racehorse Media Group have not publicly commented on the potential venture. Betfred governance declined to comment on the matter.