WARRINGTON bookmaker Betfred has made a dash for the finish in the race to buy state-owned bookmaker the Tote.

The £3.5bn-turnover company, which has more than 830 shops, has been one of the favourites for the long-running race. The process has been talked about for nearly a decade, with bidders engaged for at least six years.

This morning Betfred set out the terms of its bid for the Tote, saying its offer was worth close to £200m in cash. It is believed to be among the final two, up against a consortium led by ex-British Airways and Liverpool FC chairman Sir Martin Broughton.

Privately-owned Betfred said it supported the government's pledge that 50% of the net proceeds from the sale would be put back into the racing industry.

It also said it would make a contribution to the racing industry of £11m in 2012 and would make a contribution of at least £9m to the industry each year after that.

Fred Done, Betfred’s executive chairman, said: “Betfred is the best possible business partner for racing as it is best placed to unlock the value of the Tote.

“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.”

The company said it expected a decision by the Government was “imminent”.

Walton-based pools firm Sportech is not a main bidder but is interested in partnering with the successful bidder to run the Tote’s pools betting division.