Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has been picked to buy the Tote after an auction process that started in November.

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

The price is not yet understood but Betfred is believed to have bid about ₤ 200m.

Half of the fee will go to the racing market and racing charities, and the majority of the rest will go to the federal government.

The racing market may be disappointed, since it was understood to have actually preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton.

Successive federal governments have actually been trying to privatise the Tote for about 14 years, however have actually never ever come this promotion code near to doing so.

the yohaig code government is hoping that the bet9ja's welcome offer will not fall foul of EU state aid rules or be reversed by a judicial review.

Jockey opposition

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

It enjoys a monopoly of horse race pool-betting in exchange for a warranty that cash 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.

Last year, Chancellor George Osborne promised to protect worth for taxpayers while identifying the support the Tote gave to the market.

The Tote gave almost ₤ 19m to horse racing in 2010.

Efforts over the previous three years to sell the Tote struck issues, and the yohaig code government deals with getting a lower rate than the ₤ 400m mooted in 2007.

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

The Tote has 517 High Street wagering stores and the yohaig code monopoly to run pool betting online and at 60 racecourses in the UK.