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

Betfred is the winning bidder for the Tote
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3 June 2011
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UK-based bookmaker Betfred has been chosen to purchase the Tote after an auction process that began in November.

BBC organization editor Robert Peston said Culture Secretary Jeremy Hunt had actually selected Betfred although the bet9ja's welcome offer had not been finished, with some technicalities still being arranged out.
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The price is not yet understood however Betfred is believed to have actually bid about ₤ 200m.
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Half of the yohaig code charge will go to the racing market and racing charities, and the majority of the rest will go to the government.

The racing industry might be disappointed, due to the fact that it was comprehended to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have actually been attempting to privatise the Tote for about 14 years, however have never come this promotion code near doing so.

The federal government is hoping that the deal will not fall foul of EU state aid guidelines or be reversed by a judicial evaluation.

Jockey opposition
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The Tote was established 83 years ago to a safe house for punters, controlled by the state, and beyond the reach of illegal bookies.

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

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

Last year, Chancellor George Osborne promised to secure worth for taxpayers while identifying the support the Tote offered to the industry.

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

Efforts over the past 3 years to sell the Tote hit problems, and the government deals with getting a lower price than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and desires the yohaig code Tote to remain independent.

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