‘We don’t believe in casino gambling. Betting on racing is a game of skill’

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And the winner of the Grand National, the banker, the nap, the dead cert in the world’s greatest horse race is . . . the Tote. That’s because, unlike the fixed-odds bookies who could lose millions if the grey mare Snow Leopardess wins or if a late big gamble on an Irish horse is landed, it is the country’s operator of pool betting, where winning bets share the money staked by the losing punters — less up to nearly a fifth of that cash, which the Tote takes for its administrative and operational costs. The surplus is then ploughed back into racing.

That was the idea, at least, when Winston Churchill set up the Horserace Totalisator Board in 1928 as a legal way for people