UK Tote Group will close its gaming business as part of a wider restructuring, alongside the appointment of James Coxon to replace Alex Frost as CEO at the end of 2026.
Frost has led the business for almost nine years and oversaw the project that acquired the Tote from Betfred, before UK Tote Group took ownership in 2019. He approached the board about succession earlier in 2026 and will remain involved during the transition before becoming a Non-Executive Director.
Coxon joins with more than 20 years of betting and gaming experience. He has served as COO of Gaming Innovation Group since 2023 and previously held the role of VP of Commercial at DraftKings. His earlier career included positions with SBTech and Scientific Games.
The leadership change comes alongside a reconfiguration of the Tote's operations. Its gaming business will close, while its digital consumer offering will become more focused on horseracing.
The company will retain a complementary sportsbook product and redirect resources towards racing, B2B and international operations. A consultation with affected employees has begun.
Frost said: "Having looked carefully at the economics, we have concluded that the Tote should focus on being a racing specialist."
The decision follows a substantial change to the tax environment for UK online gaming. Remote Gaming Duty increased from 21% to 40% on 1 April 2026. Pool Betting Duty remains at 15%, while remote bets on UK horseracing are excluded from the 25% remote General Betting Duty rate scheduled to take effect in April 2027.
The Tote's strategy will place greater emphasis on World Pool, launched with the Hong Kong Jockey Club at Royal Ascot in 2019. The international pool betting product has generated more than £65m for British and Irish racecourses, according to the company.
UK Tote Group also has a long-term partnership with Britbet, whose 55 racecourse partners include all Jockey Club tracks and a number of independent racecourses. The arrangement combines on-course services operated by racecourses with pools hosted by the Tote.
In April 2026, John O'Reilly joined the UK Tote Group board as a Non-Executive Director, bringing more than 35 years of experience across betting, gaming and horseracing. His appointment was expected to support the Tote's work on product development, customer experience and international growth.
UK Tote Group took ownership of the Tote in 2019 and has since expanded its international pool betting activities through World Pool
