BETTING SOUTH AFRICA South Africa – Major overhaul for horse racing on the cards 5 years ago Iwo Bulski Post Views: 829 SOUTH Africa’s horse racing industry is set for a major overhaul following a meeting of key industry players to solve the impasse in the battling industry. JSE-listed Phumelela Gaming and Leisure said in a statement the meeting dis- cussed the creation of a single body that would oversee the horse racing industry in South Africa. The group said additional due diligence, process and consultation still have to be researched in order to explore this feasibility. “In this regard, a horse racing industry restructure committee is in the process of being established, together with the terms of reference for such a committee, which will involve, among other things, researching and recommending potential strategies and opportunities for the industry,” – Phumelela said. Phumelela Gaming & Leisure Limited is viewed by many in the industry as preeminent in the South African racing and gaming environment. As such, in order for the industry to succeed, this body also needs to succeed. The executives of Phumelela, Gold Circle and Kenilworth Racing have largely indicated that they are in support of the above initiatives. Public Protector Busisiwe Mkhwebane in May hit out at the race horsing industry for lack of transformation and ordered the Gauteng Gambling Board to investigate state-owned assets bought by listed Mkhwebane, in a report on horse racing in Phumelela. Mkhwebane in a report also said the 50 percent bookmakers’ levy, which is paid to Phumelela by the Gauteng Gambling Board, to be stopped and channelled to a new entity that will serve as the regulator for thoroughbred horse racing in the country. The investigation by Mkhwebane followed a complaint by businessperson Phindi Kema that a 1997 decision by the Gauteng provincial government to privatise and restructure the horse racing sector in the province was illegitimate. Phumelela has since approached the courts to set aside Mkhwebane’s report, and this month obtained an interdict to stop the implementation of the remedial actions until the courts have pronounced on the matter. Phumelela once again called for the government to rethink the recent amend- ments to the Gauteng’s Gambling Regulations in respect of the distribution of the tax levied on punters’ winnings. It said the policy was damaging and harmful for the horse racing industry and would create liquidity constraints. “The unilateral removal of the distribution of a portion of the tax levied on punters’ winnings by the Gauteng Gambling Board will create an almost insurmountable problem for the operators. We would urge that the authorities reconsider this decision in the interest of all employees of the industry.” South Africa’s horse racing industry contributes about R3 billion annually to gross domestic product. Source: capetimes About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: betting, horse racing, South Africa Continue Reading Previous Nigeria – Estate Agent Wins Betway N50mNext South Africa – Gaming seen as source of revenue for eastern cape More Stories BETTING NIGERIA The Rising Contribution of Online Betting to Nigeria’s GDP 2 days ago Samuel LOTTERIES SOUTH AFRICA Kimberley accounting firm raided over lotteries commission inquiry 2 days ago Samuel BETTING UGANDA African Football Betting’s Prospects for the Future 3 days ago Szarlot BETTING KENYA Understanding Kenya’s Sports Betting Boom 3 days ago Samuel BETTING KENYA Magical Kenya Open Tips 2024 4 days ago Szarlot BETTING ZAMBIA Jai Chilufya: «My hand is stronger than ever before» 4 days ago Tools BETTING TANZANIA Tanzania and the growth of the sports betting market 5 days ago Samuel EXPERTS SOUTH AFRICA South Africa lined up to host SiGMA Africa 2024 expo 5 days ago Iwo Bulski BETTING NIGERIA Navigating Regulatory Challenges and Seizing Opportunities in African Sports Betting 6 days ago Tools BETTING HOT NEWS KENYA Sports betting comes to X (Twitter), but not yet live in Kenya 6 days ago Samuel BETTING NIGERIA Stakers reject Reps’ move to stop sports betting 6 days ago Szarlot ONLINE SOUTH AFRICA Popular Casino Games In South Africa 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.