The Tote reported an operating profit of £21.4m, down 7.75 per cent from the year before, while turnover climbed from £498m to £887m, fuelled by the increase in FOBTs, as more terminals were rolled out to the Tote\’s 460 shops.
The revamped Totesport internet site attracted over 100,000 customers and lifted turnover by 32 per cent to £40.6m.
Despite the UK horseracing\’s share of the Tote\’s gross profit slumped to an all-time low of 44 per cent, Tote Chief Executive Trevor Beaumont said the results were satisfactory and the slide presented the Tote with a vital opportunity.
“There is clearly an appetite for other products in betting shops and over the internet. We have to improve the performance of the pools and get into more outlets, selling the bets to those people who come into retail shops wanting other products than fixed odds on horseracing,” he said.
“I\’m not apologising for having pool betting, and getting platforms to grow it, but we are in the retail betting and gaming business, and other products, such as FOBTs, have a very strong place in the portfolio.”
Beaumont said also he is aware of increased interest in pool betting from traditional bookmakers and that he wants to sell the product through the international business with Racing UK, At The Races and Phumelela.
Calculators
