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The UK Government will seek a buyer for pool betting operator the Tote this autumn.

John Penrose, the tourism and heritage minister, made the announcement this week.

Chancellor George Osborne said in his Budget in June that it was his intention to guarantee a future for the Tote which "secures value for the taxpayer" while also recognising the contribution that the Tote makes to racing.

In a written statement to Parliament, Penrose stated that, "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,” he added.

"The Government will continue to liaise closely with the board of the Tote and with racing interests as this process unfolds."