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Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011
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UK-based bookie Betfred has been chosen to buy the Tote after an that started in November.

BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had actually selected Betfred although the deal had not been completed, with some technicalities still being figured out.
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The cost is not yet known however Betfred is thought to have bid about ₤ 200m.

Half of the fee will go to the racing industry and racing charities, and many of the rest will go to the government.

The racing industry might be disappointed, due to the fact that it was comprehended to have preferred the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

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

Jockey opposition

The Tote was established 83 years ago to bet9ja's welcome offer a safe haven for punters, controlled by the state, and beyond the reach of illegal bookies.
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It takes pleasure in a monopoly of horse race pool-betting in exchange for an assurance that cash was pumped back into the sport.

The Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its profits into racing.

In 2015, Chancellor George Osborne guaranteed to protect worth for taxpayers while recognising the assistance the Tote provided to the industry.

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

Efforts over the past 3 years to sell the Tote hit issues, and the government faces getting a lower cost 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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