Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has been chosen to purchase the Tote after an auction procedure that began in November.

BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had actually picked Betfred although the deal had not been completed, with some technicalities still being sorted out.

the yohaig code cost is not yet known but Betfred is believed to have bid about ₤ 200m.

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

The racing industry may be dissatisfied, since it was comprehended to have preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton.

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

The federal government is hoping that the offer will not fall nasty of EU state help guidelines or be overturned by a judicial evaluation.

Jockey opposition

The Tote was set up 83 years ago to offer a safe haven for punters, managed by the state, and beyond the yohaig code reach of illegal bookies.

It takes pleasure in a monopoly of horse race pool-betting in exchange for a warranty that money 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.

In 2015, Chancellor George Osborne promised to secure worth for taxpayers while identifying the support the Tote offered to the market.

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

Efforts over the previous 3 years to sell the Tote struck issues, and the 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 monopoly to run swimming pool betting online and at 60 racecourses in the UK.