UK Tote Group chief executive Alex Frost will step down at the end of 2026 after nearly nine years in the role, with James Coxon appointed as his successor.
Frost will remain with the business during the transition, serving as an executive director in 2027 before moving into a non-executive board role.
“It has been a great honour to lead the Tote through what has at times been an extraordinarily challenging backdrop for British racing and the wider betting industry,” said Frost.
“I am immensely proud of the foundations we have established which will underpin its future for many years to come. The Tote is a special business and one I care deeply about.
“I am delighted to be staying closely involved and I look forward to playing my part in completing the journey we started nearly a decade ago to restore the Tote to its rightful position at the heart of British racing.”
Coxon Appointed as Next Chief Executive
Coxon brings more than 20 years of betting and gaming experience to the role.
He previously held senior positions at DraftKings following its acquisition of SBTech and later served as Chief Operating Officer at Gaming Innovation Group. His earlier career also included commercial and business development roles at Scientific Games.
Tote Group Chair John Williamson said Frost had “provided strong leadership over the past nine years, overseeing a period of significant transformation for the Tote and helping to build a strong platform for future growth”.
Williamson also commented on Coxon’s appointment.
“I would also like to extend our congratulations to James on his appointment and to welcome him to the Tote as our incoming Chief Executive Officer,” he continued.
“His extensive industry experience, proven leadership credentials and strong track record of delivering growth make him exceptionally well placed to lead the Tote through its next phase of development, strengthening our partnerships, and delivering for customers and stakeholders both in the UK and internationally.”
Frost helped establish the UK Tote Group following the Alizeti consortium’s acquisition of the Tote from Betfred in 2019. During his tenure, the business developed its international pool betting operations, including World Pool in partnership with the Hong Kong Jockey Club.
Tote Reduces Investment in Digital Business
The leadership change comes alongside a strategic review that will shift resources away from the group’s direct-to-consumer digital business and toward pool betting in the UK and international markets.
“We have been growing our digital business quickly over recent years but it operates at a loss,” Frost said, according to The Straight.
He also pointed to higher regulatory and tax costs as factors behind the change.
“The increasing regulatory burdens on digital operators and the sharp increase in tax have been contributory factors in this renewed focus for the Tote,” Frost explained.
“We have been growing our digital business quickly over recent years but it operates at a loss and, with the increase in tax rates, we have decided to stem those losses and refocus the Group on the very considerable opportunity that lies in international horserace pool commingling, including World Pool.”
The restructuring will remove some roles in the digital operation, while the business-to-business division will add new positions.
The Tote will also withdraw online gaming content. Tote.co.uk and Tote.ie will continue to offer pool betting and fixed-odds sports betting to customers in the UK and Ireland.
World Pool Becomes Central to Growth Plans
World Pool is expected to take a larger role in the Tote’s strategy under Coxon.
The group said World Pool revenues increased by about 40% this year and forecast continued double-digit growth in 2027 as the calendar expands.
“The Tote’s future is in developing horserace betting pools both in the UK and internationally. Working with our key partners, the Hong Kong Jockey Club, the BHA, Horseracing Ireland and other key international jurisdictions, the World Pool is experiencing rapid growth.
“We believe there is considerably more that we can do to accelerate this growth by investing to support our pool distribution partners including the racecourses, bookmakers and our international comingling partners. To prioritise this, we have decided to reduce the investment we have been making to grow our direct-to-consumer digital business in the UK.”
The new strategy follows a period of revenue growth accompanied by a £7.5 million post-tax loss in the Tote’s 2025 full-year accounts.