Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookmaker Betfred has actually been chosen to purchase the Tote after an auction process that began in November.
BBC company editor Robert Peston stated Culture Secretary Jeremy Hunt had selected Betfred although the deal had 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 market and racing charities, and the majority of the rest will go to the government.
The racing industry might be dissatisfied, since it was understood to have chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have been trying to privatise the yohaig code Tote for about 14 years, but have never come this promotion code near to doing so.
The government is hoping that the deal will not fall foul of EU state help rules or be reversed by a judicial evaluation.
Jockey opposition
The Tote was established 83 years ago to supply a safe house for punters, controlled by the state, and beyond the reach of prohibited bookmakers.
It enjoys a monopoly of horse race pool-betting in exchange for a warranty 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 earnings into racing.
In 2015, Chancellor George Osborne assured to secure value for taxpayers while recognising the assistance the Tote provided to the market.
The Tote gave practically ₤ 19m to horse racing in 2010.
Efforts over the previous three years to bet9ja's welcome offer off the Tote hit 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 betting shops and the monopoly to run pool wagering online and at 60 racecourses in the UK.
