betfredfreebet1
Joined: 03 Sep 2013
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 Posted: Tue Sep 03, 2013 7:09 am Post subject: betfred free bet |
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Totesport sold to Betred - What does the future hold?
The Horserace Totalisor Board or Tote, presently trading as Totesport is a British bookmaker that has its head offices in Wigan. It was controlled from 1928 to July 2011, by the British government, until its 265m sale to Betfred.
Tote was formed by Winston Churchill as a statutory corporation under the Racecourse Betting Act 1928 as The Racehorse Betting control Board. His incentives for doing so were to offer a state owned, and operated substitute to unauthorized bookmaking. It also meant that any returns from the bets was put back into the sport, and also the state acquired the reward of the revenue too. Afterdevelopment, the bookmaker took to its first ever race meeting offering Tote bets at Carlisle and Newmarket in July of 1929.
The board was reconstituted as the Horserace Totalisor Board under the Betting Levy Act 1961; this meant the board was liable for redistribution of funds to racing directed to the Horserace Betting Levy board.
Tote sustained through the years and went on to openprimary betting shop on the UK high street in the year of 1972. It then went on to create jobs for and employ over 4,000 staff. In 1992 Tote Direct was fashioned which intended to channel tote bets from other bookmakers into what became known as a tote pool. Now, some 7,000 betting shops in the UK receive tote style bets.
As bookmaking increased in demand, the state control of the tote became a very controversial issue. This led to a 1989 conservative government hinting that the tote was to be sold and privatized. This was met with fierce adverse views by the racing community and these plans were abandoned in 1995.
The 1997 general election saw the then home secretary Michael Howard succeeded by Jack Straw, who unveiled a fresh study into the potential privatization of the tote. By 2001, the privatization was made a total commitment in their manifesto. In order for a sale to be possible a new act known as the Horserace Betting and Olympic Lottery Act 2004 was surpassed, this was solely to enable the Tote to be converted to a limited company from a statutory corporation.
Gordon Brown, Chancellor of the Exchequer in 2006 disclosed further plans for the privatization in the budget of that year. The government invited a racing consortium and Tote Staff to formally bid for the Tote by a deadline of 26th January 2007. The bid was made and discarded by the Department for Culture, Media and Sport as the Tote was backed by private equity. In 2008, the government revealed the Tote would be sold on the open market. On the 12 of October 2009, Gordon Brown revealed several publicly owned assets would be sold, including the Tote, however no development was made on this, and Gordon Brown lost the election and a new co-olition government was formed.
The new government set out a competing bidding process with a reported 18 bidders. The government publicly announced on the 31st of January 2011 that a shortlist had been formed. In May 2011, it was claimed only two bidders remained Sports Invest Partners and Betfred. On the 3rd of June 2011 it was validated that Betfred had been chosen by Culture Secretary Jeremy hunt as the winning bidder, for a reported sale figure of 265 million. The process was completed and the sale finalized as of 13th July 2011.
Betfred, a very well favoured UK bookmaker put together by Fred Done aka The Bonus King renowned for liberal free bets and offers, have so far not published any plans to merge the two into one product. However for the time being, we are yet to know what the foreseeable future holds for the Tote.
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