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Totesport began as a statutory corporation in the UK in 1928 and became known as "The Tote" in 1961.

Tote bets differ from fixed-odds betting offered by traditional bookmakers. All the stakes placed are pooled together, and then a share is paid out to all winners after deductions are made to cover costs and contributions to horse racing. Totesport currently has a monopoly on this type of pool betting.

Privatisation of the Tote was first suggested by the Conservative Government in 1989 but met with strong opposition from the horse racing industry.

In 2006 the government planned to sell the Tote to a racing industry consortium for £150 million, but with a valuation of over £400 million the EU ruled that such a sale would be uncompetitive. The consortium failed to raise the necessary funds, and a bid by Gala Coral for £405 million was rejected by the Government.

In 2008 the Government finally announced that the Tote would be for sale on the open market. The deal was finally settled in June 2011. The successful bidder was Betfred with a bid of £265 million. The sale included a seven-year license to operate pool betting at UK race courses and Betfred committed to pay £70 million to horse racing over the same period.

In 2015 Totesport launched a new website and a mobile app which allowed betting across the full sportsbook. True to its origins Totesport is still a major sponsor of Horse racing in the UK.