News story

Sale of Tote completed

This news article 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.

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