Tote Sell Off
July 22, 2008 by: SusanThe government is preparing to sell off its Tote Betting business, it will go for sale on the open market this Autumn.
Initially the estimated value was around £400 million however the betting climate has shifted and early predictions are that it will sell for around £280 million.
The Tote, or Horserace Totalisator Board, was founded by Winston Churchill in 1928 as a safe haven for punters, controlled by the state, and beyond the reach of illegal bookmakers.
There is expected to be a lot of interest from the major bookmaking chains.
