Betfred is the winning bidder for the Tote
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3 June 2011
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UK-based bookmaker Betfred has actually been picked to purchase the Tote after an auction procedure that started in November.
BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had actually picked Betfred although the yohaig code bet9ja's welcome 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 thought to have actually bid about ₤ 200m.
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Half of the charge will go to the racing market and racing charities, and most of the rest will go to the federal government.
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The racing industry may be disappointed, because it was understood to have preferred the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive governments have been attempting to privatise the Tote for about 14 years, but have never come this near doing so.
The federal government is hoping that the bet9ja's welcome offer will not fall nasty of EU state aid rules or be overturned by a judicial review.
Jockey opposition
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The Tote was set up 83 years ago to supply a safe house 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 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.
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Last year, Chancellor George Osborne promised to secure worth for taxpayers while identifying the support the Tote offered to the industry.
the yohaig code Tote provided almost ₤ 19m to horse racing in 2010.
Efforts over the previous three years to sell the yohaig code Tote struck issues, and the federal government faces getting a lower cost than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the Tote to remain .
The Tote has 517 High Street betting stores and the monopoly to run swimming pool wagering online and at 60 racecourses in the UK.
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Betfred is the Winning Bidder for the Tote
abebaecker7618 edited this page 2025-10-27 12:54:20 +08:00