betfred-is-the-winning-bidder-for-the-tote

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Betfred is the winning bidder for the Tote
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3 June 2011
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UK-based bookmaker Betfred has actually been picked to purchase the Tote after an auction procedure that started in November.

BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had actually picked Betfred although the deal had actually not been finished, with some technicalities still being figured out.
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The cost is not yet known however Betfred is believed to have 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 yohaig code racing industry might be disappointed, since it was understood to have preferred the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

Successive governments have actually been trying to privatise the Tote for about 14 years, but have never ever come this promotion code close to 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 established 83 years ago to provide a safe house for punters, controlled by the state, and beyond the reach of unlawful bookmakers.

It delights 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.
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In 2015, Chancellor George Osborne guaranteed to secure worth for taxpayers while acknowledging the support the Tote provided to the market.
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The Tote provided almost ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote hit problems, and the government deals with getting a lower price than the yohaig code ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the yohaig code Tote to stay independent.

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