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

Betfred is the winning bidder for the Tote

3 June 2011

UK-based bookie Betfred has actually been chosen to buy the Tote after an auction procedure that began in November.

BBC company editor Robert Peston said Culture Secretary Jeremy Hunt had actually selected Betfred although the deal had actually not been completed, with some technicalities still being figured out.
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the yohaig code rate is not yet understood but Betfred is thought to have bid about ₤ 200m.
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Half of the charge will go to the racing market and racing charities, and the majority of the rest will go to the yohaig code federal government.

The racing market might be disappointed, since it was understood to have actually chosen the rival quote from SIP, a consortium led by British Airways chairman Martin Broughton.

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

The government is hoping that the bet9ja's welcome offer will not fall foul of EU state aid guidelines or be overturned by a judicial review.
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Jockey opposition
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The Tote was set up 83 years ago to provide a safe house for punters, managed by the state, and beyond the reach of unlawful bookies.
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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 personnel, and currently injects half its profits into racing.
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In 2015, Chancellor George Osborne assured to secure worth for taxpayers while identifying the assistance the Tote gave to the industry.
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The Tote provided practically ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote struck problems, and the federal government faces getting a lower price than the ₤ 400m mooted in 2007.

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

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