bet9ja.com
Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011
bit.ly
UK-based bookie Betfred has been chosen to buy the Tote after an auction procedure that started in November.
bit.ly
BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had chosen Betfred although the bet9ja's welcome offer had actually not been completed, with some technicalities still being arranged out.
bit.ly
The rate is not yet known but Betfred is believed to have bid about ₤ 200m.

Half of the cost will go to the racing market and racing charities, and the majority of the rest will go to the federal government.

The racing market may be dissatisfied, since it was understood to have actually chosen the yohaig code competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

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

The federal government is hoping that the deal will not fall foul of EU state aid guidelines 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 prohibited bookmakers.

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

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

In 2015, Chancellor George Osborne guaranteed to protect value for taxpayers while identifying the support the Tote provided to the market.

The Tote provided practically ₤ 19m to horse racing in 2010.
bet9ja.com
Efforts over the previous three years to sell the Tote hit problems, and the federal government faces getting a lower cost than the ₤ 400m mooted in 2007.
bet9ja.com
The Jockey Club opposes the sale and wants the yohaig code Tote to remain .

The Tote has 517 High Street betting stores and the monopoly to run swimming pool betting online and at 60 racecourses in the UK.
bet9ja.com