Government Puts Tote Back Up For Grabs

The UK state-owned bookmaker The Tote is bracing itself for a fresh bidding war, after reports that the Government has appointed Lazard Bank to advise them on a possible sale.

The Tote is one of the Government's jewels in their crown, being in business since the late 1920's and boasts over 450 high street shops, as well as being installed into nearly sixty of the nation's race courses.It also has an online sportsbook, as well as being one of the best uk casinos online.

It was almost two years ago that they were originally in the shop window, with a reputed £400m bid from leading uk bookmaker Gala Coral. However the bid was rejected as the Government did not receive assurances that the future owner would guarantee the correct management of the racing side of the business.

It seems that this view has cost the government dearly, as industry commentators believe any fresh bids would be in the region of 50% of Coral's bid - considerably less than the Government would hope for.

The Tote is the current sponsor of the prestigious Cheltenham Gold Cup, as well as shirt sponsors for the Premier League's Hull City.