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Betfred is the Winning Bidder for the Tote

Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has been picked to buy the Tote after an auction procedure that began in November.

BBC company editor Robert Peston said Culture Secretary Jeremy Hunt had selected Betfred although the bet9ja’s welcome offer had actually not been completed, with some technicalities still being figured out.

The rate is not yet known however Betfred is believed to have bid about ₤ 200m.

Half of the charge will go to the racing industry and racing charities, and the majority of the rest will go to the government.

The racing market might be disappointed, since it was understood to have chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

Successive federal governments have been trying to privatise the Tote for about 14 years, however have never come this promotion code near to doing so.

The government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial review.

Jockey opposition

The Tote was set up 83 years ago to supply a safe haven for punters, controlled by the state, and beyond the reach of prohibited bookies.

It delights in a monopoly of horse race pool-betting in exchange for an assurance that cash was pumped back into the sport.

The Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its earnings into racing.

In 2015, Osborne assured to secure worth for taxpayers while acknowledging the support the Tote provided to the yohaig code industry.

The Tote offered nearly ₤ 19m to horse racing in 2010.

Efforts over the previous three years to sell off the Tote struck issues, and the government deals with getting a lower cost than the ₤ 400m mooted in 2007.

The Jockey Club opposes the sale and wants the Tote to remain independent.

The Tote has 517 High Street wagering stores and the monopoly to run swimming pool betting online and at 60 racecourses in the UK.