betfred-is-the-winning-bidder-for-the-tote

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Betfred is the winning bidder for the Tote
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3 June 2011

UK-based bookie Betfred has actually been selected to buy the Tote after an auction process that began in November.

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

The cost 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 industry and racing charities, and the majority of the rest will go to the federal government.

The racing industry might be dissatisfied, because it was understood to have actually preferred the rival quote 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 actually never ever come this promotion code close to doing so.

The government is hoping that the offer will not fall nasty of EU state aid rules or be overturned by a judicial review.
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Jockey opposition

The Tote was established 83 years ago to offer a safe house for punters, managed by the state, and beyond the reach of illegal bookmakers.

It enjoys a monopoly of horse race pool-betting in exchange for a warranty that cash was pumped back into the sport.
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The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its revenues into racing.
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In 2015, Osborne guaranteed to secure worth for taxpayers while recognising the support the Tote provided to the industry.

The Tote provided practically ₤ 19m to horse racing in 2010.

Efforts over the past 3 years to sell off the Tote hit problems, and the government deals with getting a lower price than the ₤ 400m mooted in 2007.
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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 swimming pool wagering online and at 60 racecourses in the UK.
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