Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookmaker Betfred has actually been chosen to buy the Tote after an auction procedure that started in November.
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BBC organization editor Robert Peston said Culture Secretary Jeremy Hunt had picked Betfred although the offer had actually not been completed, with some technicalities still being figured out.
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The price is not yet known but Betfred is believed to have bid about ₤ 200m.
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Half of the cost will go to the racing market and racing charities, and most of the rest will go to the federal government.

the yohaig code racing market might be disappointed, because it was comprehended to have preferred the competing quote from SIP, a consortium led by British Martin Broughton.
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Successive federal governments have actually been trying to privatise the Tote for about 14 years, however have actually never ever come this promotion code close to doing so.
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The federal government is hoping that the offer will not fall nasty of EU state help rules or be overturned by a judicial evaluation.

Jockey opposition

The Tote was established 83 years ago to offer 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 an assurance 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 guaranteed to protect worth for taxpayers while recognising the support the Tote provided to the market.
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The Tote offered almost ₤ 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 deals with getting a lower rate 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 wagering stores and the monopoly to run swimming pool betting online and at 60 racecourses in the UK.
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