Sure would help explain the website issues that BetFred (SBR Rated B-) has had the last couple of days.

Tote sale to BetFred attacked by racing industry

Betfred has won control of state-owned bookie the Tote in a £265m deal that has drawn criticism from racing and left rival bidder Sir Martin Broughton "bewildered".

The Government's decision to sell the Tote to Betfred had left racing "scared" for the future, according to leading racehorse owner Andy Stewart. "There is a legitimate fear that Fred will nick the last crumb in the business," he said.

Sir Martin, who claimed it was impossible to value his offer against Betfred's given their different structures, said he was disappointed. "I have been assured that ours was a higher bid – better for the taxpayer and better for racing, but that it was ruled out on state aid grounds," he said. "No one has told us what those grounds are."

That view was contradicted by figures close to Betfred who pointed out that their bid offered cash and certainty.

Having initially offered £200m in cash, Betfred's raised its bid to £150m in cash, deferred payments of £90m and £25m of interest payments. It said the deal was worth £90m to the taxpayer and £155m to racing.

The bookmaker also capped potential job cuts at the enlarged Betfred at 150 in the first 12 months after the deal.