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Global Tote Moves a Step Closer to Reality
In what might amount to one of the most significant steps forward for the world's racing industry, scmp.com reports that a global conglomerate comprising 20 key nations has formed the World Tote Association (WoTA). One of the spearheads of the concept, which has initially focussed on major race carnivals, is the Hong Kong Jockey Club which hosted the 2020 Royal Ascot world pool. In just its second attempt to harness the power of a super-pool, where the depth of liquidity negates fluctuations caused by big bets, punter confidence saw turnover grow a massive 49 percent to £137 million. Its greatest attribute, however, is pecuniary as it will see a greater percentage of wagering turnover returned to the industry that would otherwise have gone into the coffers of corporate bookmakers. Together, the 20 wagering operators that have formed WoTA have combined turnover of €20 billion. By working collaboratively and tapping into enhanced technology optimised for the industry, it could be a real game changer for the industry and will be attractive to punters that are being priced out of wagering on thoroughbred racing by higher betting pecentages set by corporate bookies. HKJC chief executive Winfried Engelbrecht-Bresges is hopeful that this year's Melbourne Cup Carnival will be part of a world pool.