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

Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011

UK-based bookie Betfred has been chosen to buy the Tote after an auction procedure that started in November.
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BBC company editor Robert Peston stated Culture Secretary Jeremy Hunt had chosen Betfred although the bet9ja's welcome offer had actually not been finished, with some technicalities still being arranged out.
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The price is not yet known however Betfred is thought to have bid about ₤ 200m.

Half of the fee will go to the racing industry and racing charities, and many of the rest will go to the federal government.

The racing industry might be disappointed, since it was understood to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have been attempting to the Tote for about 14 years, however have actually never come this promotion code close to doing so.

The government is hoping that the bet9ja's welcome offer will not fall foul of EU state help guidelines or be reversed by a judicial review.

Jockey opposition
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The Tote was set up 83 years ago to supply a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.

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 Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its revenues into racing.
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Last year, Chancellor George Osborne promised to protect worth for taxpayers while acknowledging the assistance the Tote gave to the yohaig code industry.

the yohaig code Tote offered almost ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote struck problems, and the government faces getting a lower cost than the ₤ 400m mooted in 2007.

The Jockey Club opposes the sale and desires the Tote to stay independent.

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