The group aims to diversify beyond its traditional offer of horserace betting.
UK.- The UK Tote Group has confirmed that it has raised £20m from existing shareholders to plough into the diversification of its products and technologies beyond traditional horseracing.
Tote shareholders have agreed to support a new product roadmap that includes expansion into football betting.
The transformation will come as the company enters its second year under Alizeti Capital, which finally concluded its £150m acquisition of the UK pools operator from Betfred in October 2019.
The group, led by city executive and racing enthusiast Alex Frost as CEO, has touted its expansion into other sports as a keystone to continuing the revitalisation of the brand to avoid its dependence on racing alone.
The last year has seen Tote innovate and upgrade its existing racing offer, relaunching Tote Superpools at Royal Ascot and sealing partnerships with Horse Racing Ireland (HRI), ATG in Sweden and the Hong Kong Jockey Club (HKJC).
The company said the new investment raised would be used to develop its core platform as well as to expand into other sports.
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.”