By Marcus Leach

After an auction process that began in November of last year the Tote has finally been sold to UK-based bookmakers Betfred.

It will cost Betfred, the country's fourth largest bookmakers, £265 million to buy the Tote business.

The sale is expected to go through in the next two months, but before it can there must be consultation with the Tote's employees.

With 517 High Street shops and the monopoly to run pool betting online and at 60 UK racecourses Tote is different from other bookmakers.

Tote takes a percentage of stake money placed in bets and after deducting expenses it gives the remaining amount to the racing industry, with everything else paid out to winning bets.