Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has actually been chosen to buy the Tote after an auction procedure that started in November.
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BBC business editor Robert Peston stated Culture Secretary Jeremy Hunt had actually selected Betfred although the yohaig code deal had not been completed, with some technicalities still being figured out.

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

Half of the charge will go to the racing market and racing charities, and the majority of the rest will go to the federal government.
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The racing market might be dissatisfied, since it was comprehended to have actually preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have actually 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 nasty of EU state aid guidelines or be reversed by a judicial review.

Jockey opposition

The Tote was set up 83 years ago to bet9ja's welcome offer a safe house for punters, controlled by the state, and beyond the reach of .
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It enjoys a monopoly of horse race pool-betting in exchange for an assurance 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 profits into racing.

In 2015, Chancellor George Osborne guaranteed to protect worth for taxpayers while recognising the assistance the Tote offered to the market.
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The Tote offered nearly ₤ 19m to horse racing in 2010.
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Efforts over the past three years to sell the Tote struck problems, and the yohaig code federal government deals with getting a lower cost than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and desires the yohaig code Tote to remain independent.

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