Government,owned,Tote,sold,com entertainment Government owned Tote sold to competing UK bookmaker for £26
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The Tote, or Horserace Totalisor board, presently trading as Totesport is a British bookmaker that has its head quarters in Wigan. It was managed from 1928 to July 2011, by the British government, until its £265m sale to Betfred. Tote was put together by Winston Churchill as a statutory corporation under the Racecourse Betting Act 1928 as The Racehorse Betting control Board. His purposes for doing so were to make available a state owned, and governed alternative to criminal bookmaking. It also meant that any proceeds from the bets was put back into the sport, and also the state acquired the bonus of the revenue too. After its production, the bookmaker took to its first ever race meeting offering Tote bets at Carlisle and Newmarket in July of 1929.The board was reconstituted as the Horserace Totalisor Board under the Betting Levy Act 1961; this meant the board was accountable for redistribution of funds to racing forwarded to the Horserace Betting Levy board.Tote carried on through the years and went on to open its first and primary betting shop on the UK high street in the year of 1972. It then went on to make jobs for and employ over 4,000 people. In 1992 Tote Direct was put together which intended to channel tote bets from other bookmakers into what became known as a tote pool. Now, some 7,000 betting shops in the UK take on tote style bets.As bookmaking increased in acceptance, the state ownership of the tote became a very debatable subject matter. This led to a 1989 conservative government suggesting the tote was to be sold and privatized. This was met with fierce adverse views by the racing industry and these plans were dumped in 1995.The 1997 general election saw the then home secretary Michael Howard succeeded by Jack Straw, who opened a fresh study into the potential privatization of the tote. By 2001, the privatization was made a total commitment in their manifesto. In order for a sale to be possible a new act known as the Horserace Betting and Olympic Lottery Act 2004 was approved, this was solely to enable the Tote to be converted to a limited company from a statutory corporation.Gordon Brown, Chancellor of the Exchequer in 2006 introduced further plans for the privatization in the budget of that year. The government invited a racing consortium and Tote Staff to formally bid for the Tote by a deadline of 26th January 2007. The bid was submitted and declined by the Department for Culture, Media and Sport as the Tote was backed by private equity. In 2008, the government confirmed the Tote would be sold on the open market. On the 12 of October 2009, Gordon Brown announced several publicly owned assets would be sold, including the Tote, however no development was made on this, and Gordon Brown lost the election and a new co-olition government was formed.The new government started a competitive bidding process with a mentioned 18 bidders. The government publicly announced on the 31st of January 2011 that a shortlist had been formed. In May 2011, it was documented only two bidders remained Sports Invest Partners and Betfred. On the 3rd of June 2011 it was verified that Betfred had been chosen by Culture Secretary Jeremy hunt as the victorious bidder, for a documented sale figure of £265 million. The process was concluded and the sale finalized as of 13th July 2011.Betfred, a very popular UK bookmaker produced by Fred Done aka The Bonus King notorious for good sized free bets and offers, have so far not disclosed any plans to merge the two into one name. However for the time being, we are yet to know what the foreseeable future holds for the Tote.
Government,owned,Tote,sold,com