21:16 ET<\/span>
\n<\/span><\/p>\nThe Tote, the government-owned bookmaker will continue to split its profits equally with the taxpayer after it is sold, the government has said.<\/p>\n
It was set up 83 years ago to provide racecourse punters with alternatives to illegal bookmakers and ensure money went back into the sport.<\/p>\n
It currently injects half its profits into racing.<\/p>\n
But there were calls in the Commons for the dividend to be increased when the coalition sells the Tote.<\/p>\n
The Tote, based in Wigan with more than 4,000 staff, is likely to be sold later this year.<\/p>\n
Junior heritage minister John Penrose said: “There have been various comments that 50% isn’t enough and it ought to be 100% of the proceeds going to racing – but that isn’t where we are.”<\/p>\n
Last year, Chancellor George Osborne promised to secure value for taxpayers while recognising the support the Tote gave to the industry, he said.<\/p>\n
Mr Penrose added: “Given the state of the national finances, it’s going to be extremely hard – in fact, completely impossible – to argue we should be doing more than a 50-50 split.”<\/p>\n
‘Friendly face’<\/span><\/p>\nConservative Laurence Robertson who secured the adjournment debate, told the Commons the Tote gave almost \u00a319m to horse racing in 2010.<\/p>\n
He said: “That money is absolutely crucial to racing. The Tote is an institution and provides the friendly face of bookmaking.<\/p>\n
“It would be wrong for the government to do anything with the Tote that would deprive racing of its annual income.”<\/p>\n
Efforts over the past three years to sell off the Tote hit problems, and the government faces getting a lower price than the \u00a3400m mooted in 2007.<\/p>\n
The Jockey Club opposes the sale and wants the Tote to remain independent. <\/p>\n
Betfred confirmed it is one of the operators hoping to take over the Tote. <\/p>\n
Other potential buyers could include Paddy Power, Gala Coral, Sportech, South African Tote, and France’s PMU.<\/p>\n
The Tote has 517 High Street betting shops and the monopoly to run pool betting online and at 60 racecourses in the UK.<\/p>\n
Financial adviser Lazard is handling the bidding process on behalf of the government, but would not say how many expressions of interest had been put forward.<\/p>\n<\/p><\/div>\n<\/p>\n
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