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

bet9ja.com
Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011
bit.ly
UK-based bookie Betfred has actually been chosen to buy the Tote after an auction procedure that began in November.

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

The price is not yet known but Betfred is thought to have bid about ₤ 200m.
bet9ja.com
Half of the fee will go to the racing market and racing charities, and the majority of the rest will go to the government.
bit.ly
The racing industry might be disappointed, because it was understood to have actually chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
bet9ja.com
Successive federal governments have been trying to privatise the yohaig code Tote for about 14 years, but have actually never ever come this promotion code close to doing so.

The federal government is hoping that the bet9ja's welcome offer will not fall foul of EU state aid rules or be overturned by a judicial review.

Jockey opposition
bet9ja.com
The Tote was established 83 years ago to provide a safe house for punters, controlled by the state, and beyond the reach of unlawful bookmakers.

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

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

In 2015, Chancellor George Osborne guaranteed to protect worth for taxpayers while acknowledging the support the Tote offered to the industry.

The Tote offered practically ₤ 19m to horse racing in 2010.
bet9ja.com
Efforts over the previous 3 years to bet9ja's welcome offer off the Tote struck problems, and the government deals with getting a lower price than the ₤ 400m mooted in 2007.
bet9ja.com
The Jockey Club opposes the yohaig code sale and the Tote to remain independent.

The Tote has 517 High Street betting shops and the monopoly to run swimming pool betting online and at 60 racecourses in the UK.
bet9ja.com