Betfred is the winning bidder for the Tote
bet9ja.com
3 June 2011

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

BBC organization editor Robert Peston said Culture Secretary Jeremy Hunt had selected Betfred although the deal had not been finished, with some technicalities still being figured out.
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The rate is not yet known but Betfred is believed to have bid about ₤ 200m.
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Half of the cost will go to the racing industry and racing charities, and most of the rest will go to the federal government.

The racing market may be dissatisfied, due to the yohaig code fact that it was comprehended to have actually chosen the yohaig code rival quote from SIP, a consortium led by British Airways chairman Martin Broughton.

Successive federal governments have actually been trying to privatise the Tote for about 14 years, however have never ever come this near doing so.

The federal government is hoping that the bet9ja's welcome offer will not fall nasty of EU state aid rules or be overturned by a judicial review.
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Jockey opposition
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The Tote was established 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 delights in a monopoly of horse race pool-betting in exchange for a guarantee 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 revenues into racing.
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In 2015, Chancellor George Osborne promised to protect value for taxpayers while recognising the yohaig code the yohaig code Tote offered to the market.
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The Tote gave practically ₤ 19m to horse racing in 2010.
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Efforts over the previous three years to bet9ja's welcome offer off the Tote hit problems, and the federal government faces getting a lower cost 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 betting stores and the monopoly to run pool wagering online and at 60 racecourses in the yohaig code UK.