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Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookmaker Betfred has actually been selected to purchase the Tote after an auction procedure 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 completed, with some technicalities still being sorted out.

The rate is not yet understood but Betfred is believed to have bid about ₤ 200m.

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

The racing market might be dissatisfied, because it was understood to have actually preferred 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 close to doing so.

The federal government is hoping that the bet9ja's welcome offer will not fall foul of EU state help rules or be overturned by a judicial review.

Jockey opposition

the yohaig code Tote was 83 years ago to supply a safe haven for punters, controlled by the state, and beyond the reach of illegal bookies.

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

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

Last year, Chancellor George Osborne assured to protect worth for taxpayers while acknowledging the support the Tote offered to the industry.

The Tote gave almost ₤ 19m to horse racing in 2010.

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

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

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