Tote Launches Website with Tote Guarantee in Time for Cheltenham
The UK Tote Group has launched a new website which enables customers to access a new pooled-betting product. The company have also launched the Tote Guarantee which they claim will ensure punters win bets will be at least equal to, and in many cases exceeding the industry starting price.
The Tote Group have been trialling the Tote Guarantee throughout February at several meetings and have stated that further trials will be taking place at another 12 races. The new website is already live and is available to consumers on desktop and mobile devices. Tote has said they will be adding new functions and features soon.
At a time when several online sportsbook operators including Paddy Power, Betfair and William Hill have severely limited their own Best Odds Guaranteed promotions, the Tote guarantee is likely to appeal to punters. The pooled betting system aims to pay the industry starting price, but if the pool price is higher, based on bets placed via the Tote website, the enhanced price will be paid out.
Tote betting works fundamentally different than the traditional bookmaker model. As the name ‘pool-betting’ suggests, Tote betting is, in essence, a sweepstake. Bettors place money into a pool; at this stage, Tote UK take out their profit line (known as the take-out rate).
As the market is settled dependant on the volume of bets on different outcomes, Tote state it is a “fair, safe and transparent form of betting”. The company added that this model removes the adversarial relationship between the customer and the betting operator, adding that the Tote never bets against its customers.
The main difference for the customer when betting on the Tote compared to a traditional bookmaker is that the Tote does not offer customers to take the starting price on a bet. The company said that as they believe the Tote “should offer a credible and exciting alternative to fixed-odds bookmaking”. Adding, “that means we will not be offering fixed-odds betting on horse racing”, they add that with the Tote Guarantee you’ll get the best of both worlds – the upside of a big Tote dividend and the comfort that you’ll never be underpaid versus the starting price.
Sir Winston Churchill originally founded the Tote while he was the Chancellor of the Exchequer in 1928. The Tote Act of Parliament intended to “provide a safe, state-controlled alternative to illegal bookmakers”.
The Tote stayed in Government control for 80 years until it was privatised in 2011 and sold to Betfred in a controversial deal. Betfred, as part of the purchase, enjoyed exclusivity of the horseracing pool betting market until July 2018. Betfred sold the Tote in 2018 to a consortium of investors who were all involved in the horse racing industry. The Alizeti Group bought 25% of the Tote, and in October 2019 they purchased the remaining 75% to gain full control.