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

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Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookmaker Betfred has actually been chosen to purchase the Tote after an auction procedure that started in November.
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BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had selected Betfred although the bet9ja's welcome offer had not been finished, with some technicalities still being sorted out.

The cost is not yet known however Betfred is believed to have actually bid about ₤ 200m.
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Half of the fee will go to the racing industry and racing charities, and the majority of the rest will go to the federal government.

The racing market may be dissatisfied, because it was comprehended to have actually preferred the yohaig code competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

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

Jockey opposition

The Tote was established 83 years ago to bet9ja's welcome offer a safe haven for punters, managed by the state, and beyond the reach of illegal bookmakers.
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It takes pleasure in 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 personnel, and presently injects half its earnings into racing.
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Last year, Chancellor George Osborne guaranteed to protect worth for taxpayers while identifying the support the Tote provided to the industry.

The Tote provided almost ₤ 19m to horse racing in 2010.

Efforts over the past three years to bet9ja's welcome offer off the Tote hit issues, and the federal government faces 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 betting stores and the monopoly to run online and at 60 racecourses in the UK.
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