Betfred is the Winning Bidder for the Tote

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Betfred is the winning bidder for the Tote
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3 June 2011
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UK-based bookie Betfred has actually been selected to purchase the Tote after an auction process that began in November.
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BBC service editor Robert Peston stated Culture Secretary Jeremy Hunt had actually chosen Betfred although the deal had not been finished, with some technicalities still being figured out.
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the yohaig code price is not yet known but Betfred is believed to have actually bid about ₤ 200m.

Half of the charge will go to the racing market and racing charities, and many of the yohaig code rest will go to the federal government.

The racing industry may be disappointed, since it was comprehended to have chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

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

The government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial review.

Jockey opposition

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

It enjoys a monopoly of horse race pool-betting in exchange for a that cash was pumped back into the sport.
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The Tote is based in Wigan, with more than 4,000 staff, and presently injects half its profits into racing.
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Last year, Chancellor George Osborne promised to protect worth for taxpayers while acknowledging the assistance the Tote offered to the market.

The Tote gave practically ₤ 19m to horse racing in 2010.

Efforts over the previous three years to sell the Tote struck problems, and the government faces getting a lower cost than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the Tote to stay independent.

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