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Betfred is the winning bidder for the Tote
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3 June 2011

UK-based bookie Betfred has actually been chosen to purchase the Tote after an auction process that started in November.

BBC organization editor Robert Peston said Culture Secretary Jeremy Hunt had picked Betfred although the deal had actually not been completed, with some technicalities still being arranged out.

The price is not yet understood however Betfred is believed to have actually bid about ₤ 200m.
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Half of the charge will go to the racing industry and racing charities, and the majority of the rest will go to the federal government.

The racing industry might be dissatisfied, due to the fact that it was comprehended to have actually preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have actually been trying to privatise the Tote for about 14 years, however have never ever come this promotion code close to doing so.

The government is hoping that the deal will not fall nasty of EU state help guidelines or be reversed by a judicial review.

Jockey opposition

The Tote was established 83 years ago to provide a safe haven for punters, controlled by the state, and beyond the reach of .

It delights in a monopoly of horse race pool-betting in exchange for a warranty that money 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 revenues into racing.

In 2015, Chancellor George Osborne assured to secure value for taxpayers while recognising the assistance the Tote offered to the industry.

The Tote provided nearly ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote hit problems, and the federal government deals with getting a lower cost than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and desires the Tote to stay independent.

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