Boom time for betting on the Tote

The Tote will confirm that Britain is in the middle of a betting boom later today by announcing record figures from both its on course and off course operations.

An AGM staged at Lords Cricket Ground this afternoon is expected to reveal that the Wigan-based firm left last year's annual turnover of £643m well behind in the latest financial year.

Major growth in betting on the internet and via Tote Credit and Tote Direct played a major part in the increase, while the amount of money staked through pool betting on British racecourses exceeded £100m for the first time.

Sports Minister Richard Caborn will be among the guests at the meeting, which is expected to see the Tote's chairman Peter Jones speak out against the likely findings of the Office of Fair Trading's much-delayed reports into the British racing industry.

Informed speculation has suggested that the OFT are likely to suggest that the government open up pool betting with a view to increasing competition.

Such a move would be welcomed with open arms by the major High Street bookmakers, but Jones is likely to counter by arguing that revoking the Tote's exclusive licence to operate pool betting would only reduce the chance of attracting the size of pools needed to attract new customers.