Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has been selected to purchase the Tote after an auction process that started in November.

BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had actually chosen Betfred although the deal had not been finished, with some technicalities still being arranged out.

The price is not yet understood however Betfred is believed to have bid about ₤ 200m.

Half of the yohaig code fee will go to the racing industry and racing charities, and the majority of the rest will go to the government.

The racing market may be disappointed, since it was comprehended to have preferred the rival quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

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

Jockey opposition

The Tote was set up 83 years ago to provide a safe haven for punters, controlled by the state, and beyond the reach of unlawful bookmakers.

It delights in a monopoly of horse race pool-betting in exchange for a warranty that money was pumped back into the sport.

The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its earnings into racing.

Last year, Chancellor George Osborne assured to secure value for taxpayers while identifying the assistance the Tote offered to the industry.

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

Efforts over the previous 3 years to sell the Tote hit issues, and the federal government deals with getting a lower price than the ₤ 400m mooted in 2007.

The Jockey Club opposes the sale and wants the Tote to remain independent.

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