Betting shop shuts in Cosham

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A BETTING shop in Portsmouth will close in a bid to resolve concerns over competition.

Betfred, in High Street, Cosham, is one of 25 Betfreds across the country being sold following a warning from The Office of Fair Trading.

The government department said the firm’s recent acquisition of bookmakers The Tote would reduce the choice of betting shops available so recommended a sell-off.

The closures mean the acquisition will not be referred to the Competition Commission. As part of the move the Betfred betting shops will be sold to Stan James Limited.

Ali Nikpay, OFT senior director, said: ‘The OFT was concerned that Betfred’s acquisition of The Tote led to the elimination of, or a substantial lessening in, choice of betting shops for people in 25 local areas. We believe the sales will ensure effective competition is restored in these areas.’