Hurrah! Tote is finally sold
The story of the Tote's sale is a long one with various bookmakers and betting companies having inquired and attempted to buy the government owned horse racing company.
However the day has finally come where we can say that the Tote has been sold and it's gone to Betfred. This is following a bidding process which took over six months to complete and ends the state-run nature of the business which has been so since 1928.
Executives at Betfred have expressed their delight at the purchase which will mean that they now operate 1,350 high street outlets following the addition of the Tote's 517. They are now claiming to be in the top end of UK bookmakers yet still fall several hundred short of industry leaders William Hill, Coral and Ladbrokes.
Betfred managed to outdo its main competitors the Sports Investment Partners which was being led by British Airways chairman Martin Broughton.
"It was a closely fought contest," said Culture Secretary Jeremy Hunt.
