Tote under starter's orders later this year

State-owned bookmaker the Tote will be put up for sale this autumn, ministers said yesterday.

The disposal of the Tote, which takes bets on horse racing, soccer and other sports, forms part of a wider sale of government assets as the country aims to deal with a yawning budget deficit.

Chancellor George Osborne announced in his Budget in June that he intended to find a future for the Tote which "secures value for the taxpayer" but also recognises the support it offers to horse racing.

In a written statement to Parliament, John Penrose, minister for tourism and heritage, said: "In line with that objective, the government is now preparing to launch an open market process in the late autumn in which it will invite proposals from interested parties.

"This process will be open to all organisations who have an interest in the Tote, and the government expects to be in a position to update the House early in the New Year."

A previous effort to sell the Tote under Labour was cancelled in 2008 because of volatile market conditions. Private-sector rivals such as Paddy Power and Ladbrokes have previously said they could be interested.

Penrose added that the government would continue to liaise closely with the board of the Tote and racing interests as the process unfolded.

British Horseracing Authority chief executive Nic Coward yesterday said the news was "welcome".