Betfred Bows Down To The OFT

28th December, 2011

Following the sale of one of the UK Government's most lucrative companies, the online betting company with the winning bid has vowed to downsize their estate to keep the watchdogs happy.

Warrington based online casino and betting company, Betfred.com ended up with the winning bid, allowing it to take over The Tote which includes over 800 shops through the UK high streets and racecourses.

The agreement between the OFT (Office of Fair Trading) and Betfred sees the sportsbook giving up 25 of it's shops, in areas OFT see as being uncompetitive.

The deal, which saw Betfred pay over £260M to the Government, will see a large chunk of money go to Horse Racing, with a similar amount going straight back to the UK tax payer.

By giving up the 25 shops, Betfred will be free to run The Tote in more than 1,350 shops throughout the UK.

No one from Betfred were available for comment at time of going to press.