The tote is a statutory body created by Act of Parliament in 1928.  It is unusual in that it is legally not owned by anyone or any body. It has never relied upon Government funding or other financial support.  In 1999 the Government reviewed the options for the future of the tote. The outcome was that in 2001 the Government made a manifesto commitment to sell the tote to a Racing Trust to allow it to compete commercially. In order for it to be sold to racing it was first necessary to move legislation taking it in to public ownership.   Legislation was introduced into Parliament in the autumn of 2003 and gained Royal Assent on the 28th October 2004.

The first stage of the legislative process is to take the tote into public ownership; all of its assets, liabilities and businesses will be transferred to a newly created company owned by Government when it can then be sold to racing. The tote’s exclusive licence to run pool betting on horseracing, formerly held in perpetuity, will be terminated, to be replaced by a new 7 year exclusive licence issued and regulated by the Gaming Board. At the end of the 7 years other betting operations will be free to compete with the tote in offering pool betting on horseracing in Britain.

The Government invited a racing consortium and tote staff to formally bid for the tote.  This bid was offically rejected on the 5th March 2008.  The Government announced that they would now look to sell the tote on the open market

Houses of Parliament, Westminster.

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