Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookmaker Betfred has been selected to buy the yohaig code Tote after an auction process that began in November.

BBC business editor Robert Peston said Culture Secretary Jeremy Hunt had chosen Betfred although the yohaig code bet9ja's welcome offer had actually not been finished, with some technicalities still being figured out.
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The rate is not yet understood however Betfred is believed to have bid about ₤ 200m.
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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.

The racing industry might be dissatisfied, since it was comprehended to have actually chosen 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 actually never come this promotion code near doing so.
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The government is hoping that the bet9ja's welcome offer will not fall nasty of EU state aid guidelines or be overturned by a judicial review.

Jockey opposition

The Tote was set up 83 years ago to supply a safe haven for punters, controlled by the state, and beyond the reach of prohibited bookies.
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It enjoys a monopoly of horse race pool-betting in exchange for a warranty that cash was pumped back into the sport.
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the yohaig code Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its revenues into racing.

In 2015, Chancellor George Osborne guaranteed to value for taxpayers while recognising the assistance the Tote provided to the market.
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The Tote offered almost ₤ 19m to horse racing in 2010.

Efforts over the previous 3 years to sell the Tote struck 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 desires the Tote to remain independent.

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