UK Tote Group has raised £20m of new funding from its shareholders to fund a move into the football betting market next year.

Tote Group spokesperson, 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.

“Our ability to respond to new opportunities, beyond our initial acquisition of the business, remains a key priority and are grateful to our enormously supportive shareholders who share our ambitions for the Tote.

“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.”