|Betting magazine Sporting Life and government-owned bookmaker the Tote have ended their online gambling joint venture, totalbet.com. The three-year partnership has been scrapped one year ahead of the originally scheduled end date. |
The Tote is starting its own online gambling venture which will be branded under its current telephone betting name, totebetXpress.
Totalbet.com is now solely owned by Sporting Life.
David Annat, managing director of Sporting Life, set up the original partnership. 'Our owners didn't want us to be a bookie because it didn't fit into the publishing strategy, so we had to find a partner,” he said. “I formed an alliance with the Tote to handle the bookmaking side of things. We provided the technology.'
But Sporting Life was sold to bookmaking firm UKBetting last October which gave the company the backing it needed to set up by itself.
Annat added: 'This is a significant boost for our bottom line as now we'll get 100 per cent of the profits rather than 50 per cent. Although Tote will now be a competitor, that doesn't bother us. We're helping them set up their website.'
Under the terms of the original agreement, Sporting Life had the rights to the brand name totalbet.com.
The Tote is owned by the Department of Culture, Media and Sport but will be sold off to a racing trust within the next two years, according to a spokesman for the company.