Betfred Gets Major Racing Contract
January 9, 2013 : BETFRED'S TOTEPOOL SECURES MAJOR RACING CONTRACT
Deal with Racecourse Media Group costs GBP14.7 million but ensures Totepool operation will continue to hold pool-betting rights and on-course betting.
In a GBP 14.7 million agreement announced Tuesday, Betfred and subsidiary Totepool revealed that they have retained pool-betting rights and on-course betting at 31 Racecourse Media Group racetracks.
The courses include Cheltenham, Aintree, Newmarket, Epsom, York, Newbury, Goodwood, Sandown and Ascot, which is scheduled to join RMG in June 2014.
The pool betting arrangement means the on-course Totepool betting service will remain at those circuits until at least July 2018, whilst all on-course betting shops will now be operated by Betfred for the same term.
The deal ensures that Betfred and Totepool's portfolio of race sponsorship – including the Ebor, Cambridgeshire and Cesarewitch – will continue across all the 32 courses.
RMG chief executive officer Richard FitzGerald said: "We are delighted to conclude these deals with Betfred and Totepool which guarantee and protect the future of pool betting and Totepool products at our racecourses until July 2018.
"The aim is to not only provide a first-class service for race-goers but also to grow the business for the benefit of the sport as a whole."
Totepool managing director Phil Siers said: "Totepool has an exclusive seven-year UK licence and is committed to developing and improving its racecourse facilities, and customer service to Betfred's high standards.
"Totepool will make a significant capital investment in the business and expects this investment to drive a high rate of return, and to quickly help Totepool and its partners deliver a flagship operation."
The deal represents an important milestone for Betfred, which acquired The Tote in a GBP 265 million deal in 2011