State-owned gambling concern back up for sale
The UK government is set to sell The Tote, the online sports betting
and pari-mutuel wagering concern, owned by the state, according to The Daily Telegraph. The government has appointed Lazard Bank to fulfill an advising role.
It is expected that The Tote will represent a value between €102 million and €203 million, which is roughly half the value of the previous sale mid 2008. Goldman Sachs advised the government minister during that transaction. However, that deal was cancelled due to the worldwide financial slump that impeded companies to make satisfying bids.
The betting organization was launched in 1989, but the government may be more eager to sell the company due to the severe budget problems, as the sale will result in extra funds.