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Betfred is the winning bidder for the Tote

3 June 2011

Betfred has been selected to buy the Tote after an auction process that started in November.

BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had picked Betfred although the bet9ja's welcome offer had actually not been finished, with some technicalities still being sorted out.

The cost is not yet known but Betfred is believed to have bid about ₤ 200m.

Half of the fee 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 dissatisfied, because it was comprehended to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

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

Jockey opposition

The Tote was established 83 years ago to supply a safe sanctuary for punters, controlled by the state, and beyond the reach of unlawful bookies.

It enjoys 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 currently injects half its revenues into racing.

Last year, Chancellor George Osborne assured to protect value for taxpayers while identifying the support the Tote offered to the market.

The Tote provided practically ₤ 19m to horse racing in 2010.

Efforts over the previous three years to sell the Tote struck issues, and the government faces getting a lower price 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 pool betting online and at 60 racecourses in the UK.