Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011

UK-based bookie Betfred has been selected to purchase the Tote after an auction procedure that started in November.
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BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had chosen Betfred although the deal had not been finished, with some technicalities still being arranged out.
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The price is not yet known but Betfred is thought to have actually bid about ₤ 200m.

Half of the fee will go to the yohaig code racing industry and racing charities, and most of the rest will go to the federal government.
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The racing market might be disappointed, due to the fact that it was understood to have actually chosen the rival quote from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive federal governments have actually been trying to privatise the Tote for about 14 years, however have never come this promotion code close to doing so.

The government is hoping that the deal will not fall nasty of EU state aid rules or be reversed by a judicial review.

Jockey opposition

The Tote was established 83 years ago to bet9ja's welcome offer a safe haven for punters, managed by the state, and beyond the reach of prohibited bookies.

It takes pleasure in a monopoly of horse race pool-betting in exchange for a guarantee 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 presently injects half its profits into racing.
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Last year, Chancellor George Osborne promised to secure worth for taxpayers while identifying the support the Tote provided to the .

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

Efforts over the previous 3 years to bet9ja's welcome offer off the Tote struck issues, and the federal government faces getting a lower price than the yohaig code ₤ 400m mooted in 2007.

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

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