Betfred is the yohaig code winning bidder for the Tote
3 June 2011
UK-based bookmaker Betfred has been picked to purchase the yohaig code Tote after an auction process that started in November.
BBC service editor Robert Peston stated Culture Secretary Jeremy Hunt had selected Betfred although the bet9ja's welcome offer had not been completed, with some technicalities still being arranged out.
The cost is not yet known but Betfred is believed to have 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.
The racing industry may be disappointed, because it was understood to have preferred the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive governments have actually been attempting to privatise the yohaig code Tote for about 14 years, however have never come this promotion code near to doing so.
The federal government is hoping that the offer will not fall foul of EU state aid guidelines or be overturned by a judicial evaluation.
Jockey opposition
The Tote was established 83 years ago to offer a safe haven for punters, controlled by the state, and beyond the reach of unlawful bookies.
It enjoys a monopoly of horse race pool-betting in exchange for an assurance 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 profits into racing.
In 2015, Chancellor George Osborne assured to protect value for taxpayers while identifying the support the Tote provided to the market.
The Tote provided nearly ₤ 19m to horse racing in 2010.
Efforts over the past 3 years to sell 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 wagering shops and the monopoly to run swimming pool wagering online and at 60 racecourses in the UK.
