I have five kids – I didn't want to be stabbed
Thomas Ford, 42, said he was unable to see or breathe properly for several minutes after the attack.
Mr Ford, manager of William Hill bookmakers, in Uppingham Road, Leicester, was carrying a "substantial" amount of cash.
He was taking the money – mostly bet on horses at Gold Cup Day at Cheltenham Festival, to the bank on Friday afternoon.
As he reached a crossing near the junction with The Portwey, he felt a hand round his neck and was sprayed with what he described as a "pepper spray".
He was shoved into a nearby garden and threatened. The branch manager was held by one man while the other took the cash.
Mr Ford, of Oadby, said: "As I was crossing the road, I felt a hand on my neck but thought it was someone I knew messing about.
"Then the two guys grabbed me and threw me into a garden and asked me to tell them where the money was or they would start. I tried to get up but they forced me back down.
"I've got five kids and I didn't want to get stabbed or anything like that. But before I could say anything, one pinned me down and the other went through all my pockets."
As the robbers ran off, Mr Ford asked one to give back his mobile phone.
As it was thrown back at him, the men sprayed him in the face and made off towards The Portwey.
He said: "I couldn't see and had real trouble breathing. It was really painful. I had a runny nose and sore eyes.
"It wasn't until the police arrived that I realised how serious it was and I started to shake and imagine what could have happened if they had a knife.
"I was back in work on Monday, but as I was going out the door I felt pretty scared."
Detective Constable Stu Palmer believes the robbery was planned and is studying CCTV footage of the robbers.
He said: "We believe the two men followed the victim from his place of work in Uppingham Road.
"The robbery occurred in a busy road at a busy time of the day and someone must have seen something. If so, get in touch with police."
One attacker is black, 6ft, aged about 25, stocky, with broad shoulders and a round face. The second man is described as black, 5ft 10in, 30, stocky, with dark, short hair.

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