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

Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has been chosen to buy the Tote after an auction process that started in November.
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BBC company editor Robert Peston said Culture Secretary Jeremy Hunt had actually picked Betfred although the bet9ja's welcome offer had not been completed, with some technicalities still being arranged out.

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

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

The racing industry may be dissatisfied, due to the fact that it was understood to have actually chosen 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 actually never come this near doing so.

The federal government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial evaluation.
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Jockey opposition

The Tote was established 83 years ago to supply a safe sanctuary for punters, managed by the state, and beyond the reach of illegal bookies.

It enjoys 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 staff, and currently injects half its earnings into racing.
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Last year, Chancellor George Osborne guaranteed to secure value for taxpayers while acknowledging the assistance the yohaig code Tote provided to the industry.

The Tote provided nearly ₤ 19m to horse racing in 2010.
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over the previous 3 years to bet9ja's welcome offer off the yohaig code Tote struck issues, and the federal government deals with getting a lower rate than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and desires the Tote to remain independent.

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