Loch Ness Monster Launches Bid to Replace UK’s Tote Group
A betting company owned by a reclusive Australian billionaire known as the “world’s biggest gambler” has launched a bid to replace the Tote Group at UK racecourses.
Colossus Bets bids to replace Tote Group at UK racecourses.
LISTEN TO THIS ARTICLE:Colossus Bets, founded in 2013 by Zeljko Ranogajec and Bernard Marantelli, has made a multimillion-pound proposal to several racecourses to establish a new on-course pool betting service. The move aims to unseat the Tote, a long-established gambling institution created by Sir Winston Churchill.
Ranogajec, who has the nickname “Loch Ness Monster” because he rarely makes public appearances, reportedly places £750 million in bets annually. Using the alias John Wilson, he owns property at the exclusive One Hyde Park development in Knightsbridge. His co-founder, Marantelli, has been the primary negotiator for Colossus’s bid, and several racecourses are said to be interested.
Sensitive Talks Underway
The current UK racing scene comprises 59 courses, with 15 owned by the Jockey Club, 16 managed by the Arena Racing Company (ARC), and the remainder independently owned, including venues such as Ascot, Goodwood, and Newbury. Discussions about the proposal are ongoing among the Jockey Club, ARC, and the Large Independent Racecourses group. Although opinions vary, any final decision is expected to be a unified one.
Despite Colossus Bets’ lucrative offer, many in the racing community are likely to resist the change, mainly due to their investments in the Tote Group. The Tote Group’s 160 shareholders include many influential figures in horse racing, with owners, breeders, and the Racecourse Owners Association among them.
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Controversy Surrounding Ranogejc’s Business Practices
Ranogajec’s rise as an extremely popular gambler began in the 1980s when he won millions playing blackjack and poker before changing his focus to horse racing. His success in pool betting is largely due to his ability to secure up to 10 percent rebates from operators. Even breaking even on bets could yield millions in profits from these rebates alone. However, this strategy also led to controversy, with his gambling syndicate, The Punters Club, causing financial difficulties for Tasmanian Tote, which resulted in its sale.
The Australian Taxation Office investigated Ranogajec for several years until a confidential settlement was reached in 2012.
Colossus Bets, backed by Ranogajec and Marantelli, is now positioning itself as a potential game-changer in the UK racing betting landscape. However, whether the racecourses will embrace this new venture or remain loyal to the Tote Group remains to be seen.
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