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Betfred takes on industry giants with Tote acquisition

6th June 2011 8:09 am GMT

The UK government said Friday that it has agreed the sale of the Horserace Totalisator Board (Tote) to independent bookmaker Betfred for £265m, with Betfred receiving an exclusive seven-year licence to operate pool betting at all UK racecourses.

Betfred was chosen ahead of a bid from Sports Investment Partners (SIP), a consortium led by former BA chairman Martin Broughton, which had the backing of the British Horseracing Authority (BHA).

Betfred had initially bid £200m for the Tote but [...]

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