Betfred is the Winning Bidder for the Tote Betfred is the winning bidder for the Tote 3 June 2011 UK-based bookie Betfred has actually been chosen to buy the Tote after an auction procedure that began in November. BBC business editor Robert Peston said Culture Secretary Jeremy Hunt had actually picked Betfred although the deal had actually not been completed, with some technicalities still being sorted out. The rate is not yet understood but Betfred is thought to have bid about ₤ 200m. Half of the charge will go to the racing market and racing charities, and most of the rest will go to the government. The racing market may be disappointed, since it was comprehended to have preferred the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton. Successive federal governments have been attempting to privatise the Tote for about 14 years, however have actually never come this near to doing so. The government is hoping that the deal will not fall foul of EU state aid guidelines or be reversed by a judicial review. Jockey opposition The Tote was set up 83 years ago to provide a safe haven for punters, controlled by the state, and beyond the reach of illegal bookies. It enjoys a monopoly of horse race pool-betting in exchange for an assurance that money was pumped back into the sport. The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its revenues into racing. In 2015, Chancellor George Osborne promised to secure worth for taxpayers while recognising the support the Tote provided to the market. The Tote offered almost ₤ 19m to horse racing in 2010. Efforts over the past three years to sell off the Tote struck problems, and the federal government deals with getting a lower price than the ₤ 400m mooted in 2007.