Alex Frost is set to step down as chief executive of the UK Tote Group at the end of 2026 after almost nine years leading the business, with James Coxon appointed as his successor.
Frost, who led the project to acquire the Tote from Betfred and has been chief executive since the UK Tote Group took ownership in 2019, first approached the board about succession at the beginning of this year. He will remain closely involved with the business through the transition before subsequently joining the board as a non-executive director.
Coxon brings more than 20 years' experience across the betting and gaming industry in both B2B and B2C businesses. He has held senior leadership positions at DraftKings following its acquisition of gambling technology group SBTech and, most recently, served as chief operating officer at platform provider Gaming Innovation Group.
Explaining his decision, Frost said: "We now have a clear strategic plan that we're excited about because it is achievable and built around proven revenue streams.
"We've taken the business from establishing its strategic direction to having a clear operational delivery plan. The next phase requires a different set of skills and fresh energy at the top, particularly around technology and operational execution, to take the business to the next level.
"I'm staying with the business through the transition and will subsequently take up a non-executive role on the board. I'm handing over the CEO role, but I'm certainly not walking away from the Tote. It is a business I care about passionately and always will."
At the same time, the Tote has announced a significant reconfiguration of the business, refocusing investment and resources behind its racing, business-to-business (B2B), and international operations.
The changes will include closing the Tote's gaming business and shifting to a more racing-focused consumer offering across its digital platforms. A number of roles will be affected, and the Tote has begun a consultation process with staff.
"These decisions are never made lightly, and our priority will be supporting those colleagues affected during this period," said Frost.
He added that the changes would enable the Tote to "redeploy resources into our international, B2B, and racing businesses."
He said: "We believe we can offer customers a much better racing product. When you look at the core strengths of the Tote, racing and pool betting are where we can be genuinely brilliant and distinctive.
"We'll retain a complementary sportsbook offering, but we don't need to be all things to all people."
Frost said tax increases and an increasingly demanding regulatory environment had contributed to the decision to withdraw from gaming.
"We've done a lot of analysis of the long-term impact of these tax changes on our business, against what is already an extremely challenging regulatory backdrop.
"It is becoming increasingly difficult and costly for legal operators to retain customers while providing them with a good experience. The investment required in technology, compliance and automation is significant, particularly for smaller operators.
"When the regulatory landscape continues to change, businesses are constantly having to reinvest and adapt. Having looked carefully at the economics, we have concluded that the Tote should focus on being a racing specialist. That's where we have a genuine competitive advantage and that's where we intend to excel."
Frost stressed that the wider business remained profitable and financially strong.
"The Tote has a strong balance sheet, no debt, and an incredibly supportive shareholder base," he said.
Central to the Tote's future strategy will be the continued expansion of World Pool, which Frost believes will be one of the defining legacies of his time leading the business.
World Pool was launched with the Hong Kong Jockey Club at Royal Ascot in 2019 and has since developed into a significant international betting platform, generating more than £65 million for British and Irish racecourses.
Frost said its contribution to British racing, particularly prize money, was still not sufficiently recognized.
"It has made a huge difference," he said. "Look at the Galtres at York, with £100,000 in prize money. We had a filly running at Saint-Cloud on Friday for £19,000.
"World Pool brings significant additional international revenue into our major festivals. That helps drive prize money, attracts the best horses and jockeys from around the world and improves the quality of the racing. There is a genuine virtuous circle there and enormous potential if we continue to build on it."
The Tote is also exploring how products such as the Placepot could be integrated with major multi-leg bets internationally, as part of a broader ambition to connect British racing more closely with global betting pools.
"We're passionate racing people, and the pool model is fundamentally different—we don't need customers to lose for us to win," said Frost.
"Our job is to make racing a brilliant betting experience, develop products that engage customers and work with our international partners to connect British racing to much greater global liquidity.
"That's what the Tote should be about and where I believe its future lies."
