Betfred Commit 120 Million to Racing and New Tote Racing Development Board

LONDON, May 23, 2011 /PRNewswire/ -- Betfred confirms that it is in discussion with racecourse groups on the creation of a new Tote Racing Development Board. Chaired by Barry Nightingale, CFO of Betfred, the Board will comprise senior executives from the major racecourse groups, an elected representative for the independent courses and the Director of Racing at the Tote, a post to be created by Betfred on Completion of the Bid. It will meet at least quarterly, will set the agenda for the development of the Tote Racecourse Partnership and be key to decision making, growth and the commercialisation of the Tote in the UK and internationally.

Barry Nightingale, Betfred CFO said:

"This new body gives racing a direct voice at the table to influence the commercialisation and development of the Tote and will also enable Betfred to benefit from the experience and knowledge of those who run the racecourses. It will be a tight forum for decision making and, consistent with our overall strategy for the Tote and for racing, it aligns common interests. In conjunction with our commitment of GBP120m to racing over 7 years, we believe this new Board will provide the leadership to strengthen UK racing significantly, and support growth and jobs."

Mark Pearson, mark.pearson@betfred.com