Paddy Power plays down Tote link

PADDY Power has distanced itself from fresh speculation that it is in the running to acquire the Tote betting network in Britain, which the government there is looking to sell in the coming months.

The privatisation of the Tote has been on and off the agenda for the past three years, with the British government originally hoping to sell for around £400m (€476m), but now likely to have to settle for a good deal less than that.

Last Friday was the final deadline for expressions of interest for the business; after which a short-list of formal bidders is expected sometime in the new year, ahead of a final sale — which could take up to next summer to tie up.