Fred wins the Tote sale

It wasn't much of a secret after rumours broke last night but BetFred have today been named as the successful bidder for the UK Tote. Traditionalists will have a bit of a moan but one bid was based on cold, hard cash; the other was based on a lot of hope which ultimately could have seen racing sink even further into the mire. It still puzzles me why people were so wholeheartedly in favour of a bid team which included the likes of Chris 'one race is fixed in Britain every day' Bell who had no problem with his former firm Ladbrokes operating its phone and online operations offshore to dodge tax and levy. Fred's no saint but he has to be admired for the empire he has built.

Betfred named new owners of the Tote

BOOKMAKERS Betfred have won the race to buy the Tote and on Friday morning signed a contract with the government to buy the state-owned betting operator for a total of £265 million.

Net proceeds will be £180m, which will be split 50-50 between the government and racing.

Betfred, led by executive chairman Fred Done, beat off competition from former BHB chairman Sir Martin Broughton's Sports Investment Partners (SIP).

There's a big lump sum of cash upfront for the industry, let's hope this time they spend it prudently rather than spending it all once leaving nothing behind when the economy slows again.

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It's all gone Pete Tong at Betfair!

The Christmas Hurdle from Leopardstown, a good Grade 2 race during the holiday period. But now it will go into history as the race which brought Betfair down. Over £21m at odds of 29 available on Voler La Vedette in-running - that's a potential liability of over £500m. You might think that's a bit suspicious, something's fishy, especially with the horse starting at a Betfair SP of 2.96. Well, this wasn't a horse being stopped by a jockey either - the bloody horse won! Look at what was matched at 29. Split that in half and multiply by 28 for the actual liability for the layer(s). (Matched amounts always shown as double the backers' stake, never counts the layers' risk). There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, natur

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2022

A competitive edition of the Melbourne Cup without being a great one. The La Nina weather cycle has made a mess of sporting events down the east coast in recent weeks and Flemington has not escaped that. It did race very well on Saturday considering the conditions, so fingers crossed that continues. At this stage it seems like the track will be Soft 7/Heavy 8 - rain is forecast, hopefully not enough for the track to deteriorate but also not warm or windy enough for proper drying weather as you'd normally see on the sand profile track. There are only two international visitors in the field, Deauville Legend and Without A Fight, while another pair, Camorra and Hoo Ya Mal, will make their local debuts having been purchased for Australian syndicates. So the local moaners get their 'mostly locals' race. I think I'd prefer higher class myself but hey... Slightly different format this year, enjoy reading, bet responsibly, yada yada yada... ------------------------------------

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