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Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has actually been chosen to buy the Tote after an auction procedure that started in November.

BBC business editor Robert Peston stated Culture Secretary Jeremy Hunt had picked Betfred although the deal had actually not been completed, with some technicalities still being arranged out.

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

Half of the cost will go to the racing industry and racing charities, and many of the rest will go to the government.

The racing industry might be disappointed, due to the fact that it was understood to have preferred the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

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

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

Jockey opposition

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

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

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

Last year, Chancellor George Osborne guaranteed to protect worth for taxpayers while recognising the support the yohaig code Tote offered to the market.

the yohaig code Tote gave practically ₤ 19m to horse racing in 2010.

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

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

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