The long running battle to buy UK state owned bookmaker 'The Tote' has been won by high street bookie Betfred after bumping it's bid to £265m.
British tax payers are set to receive a £90m windfall, with a further £90m going to support british horse racing. Rival bidders Sports Investment Partners (SIP) had tried a different approach by offering the british racing association equity and a say in the running of the company, but in the end cash prevailed.
Included in the sale are the Tote's 500+ betting shops, which will be added to Betfred's existing 800 to create of a serious rival to the current market leaders: Gala Coral, William Hill and Ladbrokes. The acquisition of the Tote by Betfred will also see a merger of the two companies head offices, resulting in around 150 job losses.
