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

Betfred is the for the Tote
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3 June 2011
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UK-based bookmaker Betfred has actually been picked to buy the Tote after an auction procedure that began in November.
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BBC company editor Robert Peston stated Culture Secretary Jeremy Hunt had actually chosen Betfred although the deal had actually not been completed, with some technicalities still being arranged out.

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

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

The racing market might be disappointed, due to the yohaig code fact that it was comprehended to have actually preferred the 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, however have actually never ever come this promotion code close to doing so.
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The federal government is hoping that the bet9ja's welcome offer will not fall foul of EU state aid guidelines or be reversed by a judicial evaluation.
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Jockey opposition

The Tote was set up 83 years ago to bet9ja's welcome offer a safe sanctuary for punters, managed by the state, and beyond the reach of illegal 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 Tote is based in Wigan, with more than 4,000 staff, and presently injects half its earnings into racing.
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In 2015, Chancellor George Osborne promised to secure worth for taxpayers while recognising the yohaig code support the Tote offered to the industry.

The Tote provided practically ₤ 19m to horse racing in 2010.
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Efforts over the past 3 years to sell off the Tote hit problems, and the government deals with getting a lower rate than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the Tote to stay independent.

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