During an interview with the Telegraph over the weekend, Neil Goulden the Chairman of the gaming giant Gala Coral, reportedly claimed the Government had cost the taxpayer £125 million in it’s incompetent handling of the Tote.

During his interview in which he discussed the year from hell he stated that he would “definitely” look at the Tote betting shops if the new coalition Government decided to go ahead and privatise them.

The Chairman had formerly offered to pay £325 million for the Tote’s 500-plus betting shops. When he was asked how much he would pay for them today he said: "I would say £200m. I suspect it's just the incompetence the Government has shown around the Tote for 10 years. It's not that complicated."

He added that he had no interest in the Tote’s “low-tech” racecourse pool betting system, which he said if he did buy the Tote then he would sell it back to racing for a nominal £1 – a move which is suggested may be the answer to the European Commission state aid rules which currently stop the Government gifting the business asset to racing.

"The pool betting system on the racecourse in my opinion is the property of racing. Racing should then find a partner to develop it, someone like Sportech." the Chairman added.

The Government are unlikely going to have to look hard for reasons in defending the comments made in relation to the business being worth around 30% less. Looking at companies such as Beacon Bingo and Buckingham Bingo which were both sold to new owners around the same time for around £100 million mark and are now worth less than half of their former valuations a 30% decrease in a gaming asset owned by the Government appears to have done well. Lets not forget either the losses of £700 million incurred by the former shareholders at Gala Coral, the company in which Neil Goulden is the Chairman. It would seem the ‘incompetent’ Government may find the remarks somewhat ironic.

Given that the Chairman also had a few comments to say about the strategy of Mecca Bingo owners Rank, in relation to their new clubs, lets hope that the next few years for Gala Coral are somewhat more successful.