Tote sale will be of great benefit to British horse racing
The news arrives at the same time as an announcement from the British Horse racing Authority (BHA) and the governmental Department of Culture, Media and Sport (DCMS); they have announced the launch of a new 'twin track' structure that should see the nation's horse racing industry benefit by approximately £90 million from the sale of the Tote.
The Tote was sold to BetFred during the closing stages of last summer; it is the only organisation which has been granted permission to operate pool betting on horse racing within the United Kingdom. It also accepts bets on football and various other sports, while maintaining a presence on all 60 different race courses throughout the United Kingdom – it also maintains and operates 517 different off-course betting shops.
The Tote was sold to BetFred for £265 million in June; following this, officials announced that they would be aiming to establish a new grant-making charity, known as The Racing Foundation, within the near future.
Minister for Tourism and Heritage, John Penrose, recently commented on the matter, saying: “The sale of the Tote last year after decades of trying, finally - and not before time - saw the Government move out of the bookmaking business,
“We promised that racing would get half of the proceeds and now we are making good that pledge. Racing is a mature, successful and much-loved business. Today's announcement, along with our ongoing plans to reform the levy arrangements between betting and racing, will be a further step in allowing it to prosper without unnecessary Government interference.” he added.
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