According to Sky News, the Tote, which was acquired by Alizeti Capital from Betfred in October 2019, wants to diversify its products by expanding beyond horse racing betting which it relies heavily on.

Instead, Tote shareholders are interested in moving into new sports in 2021, such as the lucrative football betting market, and as a result has raised £20m of new funds to accelerate the diversification.

The new capital will be used to fund the expansion into football betting and strengthen the company’s balance sheet as it continues to recover from the coronavirus pandemic, although the pool betting operator is understood to have performed strongly since UK racing resumed in June.

UK Tote Group director of communications and corporate affairs 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.

“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.

“This will ensure the Tote can appeal to a broader base of sports fans who have not, as yet, chosen to bet with the Tote.

“This is an essential element to ensuring the further growth and success of the Tote and increasing the role it can play in supporting British racing.”