This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
BetFred take over state-owned betting firm; proceeds to support racing industry.
Gambling Minister John Penrose today announced that the Government has completed the sale of the Tote to Lightcatch Ltd, the parent company of Betfred.
In a Written Ministerial Statement, Mr Penrose expressed thanks for the work of the Board and staff of the Tote, past and present, and wished the new combined business a successful future.
The Government will now enter into detailed discussions with representatives of the racing industry on the design of a scheme for disbursing its share of the net proceeds of sale in a manner which complies with EU State Aid rules.