Tote to be sold to Betfred for 拢265 million
Agreed deal will make sure interests of racing and Tote employees are protected.
The sale of the Horserace Totalisator Board (the Tote) to the UK bookmaker Betfred for 拢265 million has today been agreed, less than a year after the Chancellor announced the following numerous failed attempts to do so in the past.
clarifies the Tote鈥檚 future to its employees with assurances on jobs and pensions, ending many years of uncertainty. As a result of this deal, Racing will benefit from payments of more than 拢155 million.
鈥淢ost people can鈥檛 understand why, in the modern world, the Government should be even a part owner of a bookie,鈥� said Gambling and Racing Minister . 鈥淪o we pledged last year to end years of dithering and resolve the future of the Tote, and today we have done just that.鈥�
Undertakings
As part of this deal, Betfred have provided a number of undertakings to Government relating to the racing industry and employees, including not to sell on the pool betting part of the business and to continue payment of the Levy to racing even if part of the Tote business subsequently moves offshore, until the Government鈥檚 current consultation on off-shoring has concluded and the position has been resolved.
The sale meets the Government鈥檚 objectives of recognising the support the Tote currently provides to the racing industry whilst also securing value to the taxpayer. Completion of the transaction is subject to appropriate consultation with employees and is expected to take around 4-8 weeks.