• Betfair may help racing buy Tote

March 30, 2006 - Betfair this week mooted the possibility of entering into a ground-breaking partnership to keep the Tote within racing, in the wake of last week’s news that a cut-price sale to an industry group would contravene state aid rules. The European Commission is said to have rejected the government’s argument that a subsidised sale would not amount to state aid. The decision in effect means that the racing industry would have to pay the full market price for the Tote – estimated at £500 million – instead of a sum of about £200 million proposed as part of Labour’s manifesto at the last two general elections. Should racing lose control of the Tote to a major fixed-odds bookmaker or venture capitalist firm, it would result in the loss of the Tote’s contribution to the industry, which last year amounted to £11.6 million.

> Read the full story here Source: Ateonline.co.uk

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