Betfred the UK Bookmaker has revealed that if it is successful in it’s bid to purchase the Tote it will give £11 million to horseracing in 2012, and at least £9 million for the following 6 years subject to the industry meeting a number of commercial agreements.

Betfred is reported to have made a bid that is valued at £200 million and includes year-on-year payments which considering the Government has pledged to return half the money from the slae back to the industry, is highly attractive to the British horseracing industry.

Fred Done, Executive Chairman of Betfred said: "The UK has the greatest horseracing in the world and we want the sport to thrive - that's why our bid contains a strong commitment to the horseracing industry. We're also delighted that the Government has chosen to return 50% of the net proceeds of the sale to Racing, so I believe a successful Betfred bid will see a financial return of at least £120 million.

"We have a forty year track record of delivering growth and creating jobs. We want to buy the Tote because we want to grow and develop all of its component parts; and, in the long term, I believe the pool business will be the most important of those. We have designed our offer to meet all the criteria Government has laid out. Our offer is fully financed and we have everything needed to conclude a transaction now."

Betfred has suggested that it will ensure that the contribution to the Racing Industry is done on a more formal and transparent basis and it intends to enter into commercial agreements with a variety of partners.