Online Betting Firm Betfred Wins Bid For The U.K.Tote

Published Friday, June 03, 2011 - Online-Casinos.com

The U.K. has a regulated and licensed online gambling industry that for the most part works very well. Competition for customer dollars in the gambling world is very high with the survival of the biggest strongest and smartest being the general rule.
According to an article on the BBC News, Betfred which is based in the United Kingdom has won the auction bid that commenced last November 2010 to buy the Tote. The sale is conditional on a consultation with the Tote's employees but is expected to be completed in 30 to 60 days.
Executive Chairman for Betfred, Fred Done, commented in a statement: "Buying the Tote has been an ambition for years, so I am absolutely delighted.”
Done continued, "The Tote is an opportunity I just could not miss. Over the coming months I will develop the Tote's relationship with the sport into a highly successful commercial partnership."
Betfred, which paid £265m for the Tote, said it would be exploring the methods of exploiting the public body's commercial potential.

A consortium of racetrack owners first offered £400m for the Tote in 2007 a great deal more than what the government accepted now. The initial agreement signals the end of a 14-year attempt by various governments to privatize the Tote. Betfred has promised to keep job losses for the next 12 months to less than 150 of the 9,000 headcount for the new combined business.

It has been voiced that Betfred was not the preferred choice by the horse racing industry. The preferred option was a consortium called Sport Investments Partners Jeremy Hunt, the government’s Cultural Secretary stated,  "It was a closely fought contest."
Betfred assumes the Tote's monopoly on pool betting at 60 UK racetracks and online. The firm intends to rebrand the Tote's 517 High Street outlets using the Betfred name. Betfred maintains a position as the fourth largest provider of betting outlets at 1,350 shops.

 

 

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