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TOUGH TIMES FOR THE TOTE
The glum outlook for the UK economy may force the British government to abandon the sale of the state-owned Tote pool and betting business, the sports minister warned this week.
Minister Gerry Sutcliffe said the government "...will need to be satisfied that it is right to proceed with a sale in the light of current market conditions".
The Tote, which was last year valued for the government at about GBP 400 million according to a Financial Times report, attracted about 40 expressions of interest earlier this year after Sutcliffe said he was considering its sale on the open market.
But the betting industry believes the government will be hard pushed to get anything approaching last year's valuation. "The rumour is that they will be lucky to get GBP 280 million," said an insider at a leading bookmaker.
Sutcliffe maintained that the Tote was "a highly attractive asset which would enjoy significant interest if brought to market in an open auction".
Goldman Sachs, the government's adviser on the Tote, will prepare the groundwork to launch a sale in the autumn, Sutcliffe added.
But it will also provide further data on how the business can realise further value "if, in the light of market conditions, the government decided in the autumn not to proceed to a sale".
The Tote, which has turnover of GBP 2.4 billion, has 540 betting shops and a pool business which could be sold separately.
3 Top Bitcoin Poker Sites -
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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
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The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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