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

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Betfred is the winning bidder for the yohaig code 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 selected Betfred although the deal had not been completed, with some technicalities still being figured out.
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The rate is not yet known however Betfred is believed to have actually bid about ₤ 200m.
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Half of the fee will go to the racing industry and racing charities, and the majority of the yohaig code rest will go to the government.

The racing market may be disappointed, due to the fact that it was comprehended to have chosen the rival 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 ever come this promotion code close to doing so.

the yohaig code government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial evaluation.
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Jockey opposition

The Tote was set up 83 years ago to provide a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.

It takes pleasure in a monopoly of horse race pool-betting in exchange for an assurance 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 presently injects half its revenues into racing.
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Last year, Chancellor George Osborne assured to protect worth for taxpayers while recognising the the Tote offered to the industry.
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The Tote gave practically ₤ 19m to horse racing in 2010.
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Efforts over the previous 3 years to sell the Tote struck issues, 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 stay independent.

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