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Betfred is the winning bidder for the Tote
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3 June 2011
UK-based bookmaker Betfred has actually been picked to buy the yohaig code Tote after an auction procedure that began in November.
BBC service editor Robert Peston stated Culture Secretary Jeremy Hunt had actually picked Betfred although the bet9ja's welcome offer had not been completed, with some technicalities still being arranged out.
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The cost is not yet known however Betfred is believed to have bid about ₤ 200m.
Half of the charge will go to the racing industry and racing charities, and the majority of the rest will go to the government.
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The racing industry might be dissatisfied, since it was comprehended to have chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have actually been attempting to privatise the Tote for about 14 years, but have never ever come this promotion code near to doing so.
The federal government is hoping that the bet9ja's welcome offer will not fall nasty of EU state help guidelines or be reversed by a judicial review.
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Jockey opposition
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The Tote was established 83 years ago to bet9ja's welcome offer a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.
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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 personnel, and currently injects half its earnings into racing.
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Last year, Chancellor George Osborne promised to protect value for taxpayers while recognising the yohaig code assistance the Tote provided to the .
The Tote provided nearly ₤ 19m to horse racing in 2010.
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Efforts over the past three years to bet9ja's welcome offer off the Tote struck problems, and the federal government faces getting a lower rate than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the Tote to remain independent.
The Tote has 517 High Street wagering stores and the monopoly to run pool wagering online and at 60 racecourses in the yohaig code UK.
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Betfred is the Winning Bidder for the Tote
neville253543 edited this page 2025-10-19 07:52:55 +00:00