Betfred is the winning bidder for the Tote

3 June 2011
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UK-based bookie Betfred has actually been chosen to purchase the Tote after an auction procedure that started in November.
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BBC company editor Robert Peston stated Culture Secretary Jeremy Hunt had actually picked Betfred although the deal had actually not been completed, with some technicalities still being figured out.

The rate is not yet known however is believed to have bid about ₤ 200m.
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Half of the fee will go to the racing industry and racing charities, and the majority of the rest will go to the federal government.

The racing market may be dissatisfied, because it was comprehended to have actually preferred the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have been trying to privatise the Tote for about 14 years, however have never come this promotion code near to doing so.

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

It enjoys a monopoly of horse race pool-betting in exchange for a guarantee that cash was pumped back into the sport.

the yohaig code Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its earnings into racing.
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Last year, Chancellor George Osborne guaranteed to protect value for taxpayers while recognising the support the Tote offered to the industry.
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The Tote offered nearly ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote hit problems, and the federal government faces 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 shops and the monopoly to run swimming pool wagering online and at 60 racecourses in the UK.
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