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

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Betfred is the winning bidder for the Tote

3 June 2011

Betfred has been picked to purchase the Tote after an auction procedure that began in November.

BBC business editor Robert Peston stated Culture Secretary Jeremy Hunt had picked Betfred although the deal had not been finished, with some technicalities still being figured out.
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The rate is not yet known however Betfred is thought to have actually bid about ₤ 200m.

Half of the fee will go to the racing market and racing charities, and many of the rest will go to the government.
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The racing market may be disappointed, since it was understood to have chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

The government is hoping that the deal will not fall foul of EU state help guidelines or be overturned by a judicial review.
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Jockey opposition

The Tote was established 83 years ago to bet9ja's welcome offer a safe house 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 guarantee that money 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 currently injects half its profits into racing.
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In 2015, Chancellor George Osborne assured to secure worth for taxpayers while identifying the support the Tote provided to the industry.

The Tote gave practically ₤ 19m to horse racing in 2010.
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Efforts over the past 3 years to sell the Tote hit issues, and the government deals with getting a lower price than the ₤ 400m mooted in 2007.

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 pool betting online and at 60 racecourses in the UK.