39 And Betting By The Public

This distinguishes the sport of horseracing from other sports on which betting may incidentally be struck, in that these sports do not depend for their very existence on betting.50.40
\par \hich\af39\dbch\af39\loch\f39 Essentially, the horseracing industry in South Afr\hich\af39\dbch\af39\loch\f39
ica is divided into two components, in terms of the betting products available.errandboyltd.com Patrons may place bets on horseracing either on the totalisator or with licensed bookmakers, or both. There are certain fundamental features of the industry as a whole which m
\hich\af39\dbch\af39\loch\f39 u\hich\af39\dbch\af39\loch\f39 st be noted in order to gain a proper understanding of the issues facing the bookmaking industry.
\par \hich\af39\dbch\af39\loch\f39 Over several decades, the issue of the extent to which the horseracing industry is funded, and who should bear the financial responsibility for its ongoing ad\hich\af39\dbch\af39\loch\f39
ministration, has been the subject of ongoing controversy and debate. In order to lay this debate to rest, it is necessary to provide a brief, factual answer to the question as to exactly how horseracing is financed.
\par \hich\af39\dbch\af39\loch\f39 The answer is simple and clear. Horsera\hich\af39\dbch\af39\loch\f39 cing is \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid12214143 \hich\af39\dbch\af39\loch\f39 directly funded by its\fcs1 \af39\afs24 \fcs0
\fs24\ul\insrsid5256296 \hich\af39\dbch\af39\loch\f39 betting\fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid12214143 \hich\af39\dbch\af39\loch\f39 patrons\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
, and not by the holder of any . Every rand which is wagered by patrons on totalisator bets is placed into a pool, depending upon the type of bet taken. There is a separate totalisator pool f\hich\af39\dbch\af39\loch\f39 \hich\f39
or each distinct bet type (e.g. \'93\loch\f39 \hich\f39 win\'94\loch\f39 \hich\f39 , \'93\loch\f39 \hich\f39 place\'94\loch\f39 \hich\f39 , \'93\loch\f39 \hich\f39 swinger\'94\loch\f39 \hich\f39 , \'93\loch\f39 \hich\f39 trifecta\'94\loch\f39 \hich\f39
and \'93\loch\f39 \hich\f39 jackpot\'94\loch\f39 \hich\f39 , amongst others). For the purposes of example, all bets placed by patrons on any horse competing in a race to win that race outright, will be allocated to the \'93\loch\f39 \hich\f39 win\'94
\loch\f39 pool b\hich\af39\dbch\af39\loch\f39 y\hich\af39\dbch\af39\loch\f39 \hich\f39 the totalisator operator. Once the race has been run and the result has become known, the amount in the \'93\loch\f39 \hich\f39 win\'94\loch\f39
pool is divided proportionately between the patrons who correctly selected the winning horse. However, \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid12214143 \hich\af39\dbch\af39\loch\f39 before this occurs, the totalisator operat
\hich\af39\dbch\af39\loch\f39 \hich\f39 or first deducts a certain percentage of the total amount in the \'93\loch\f39 \hich\f39 win\'94\loch\f39 pool\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 \hich\f39
, which may in certain cases be less than, but may not be more than, 25%. This deduction is referred to as a \'93\loch\f39 \hich\f39 take-out\'94\loch\f39 . The take-out is effected in respect of each and every bet ty\hich\af39\dbch\af39\loch\f39
pe or pool on which betting is offered, on each and every race. The totalisator operator uses the take-out to fund the administrative costs of running, or staging the event of, horseracing, including stakes on races and the payment of all applicable taxes
\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39 (including provincial betting taxes and VAT).
\par \hich\af39\dbch\af39\loch\f39 Accordingly, it is clear that the totalisator operator does not itself either wholly or substantially fund the sport of horseracing, or even the tax obligations of the totalisator, but that this funding comes d
\hich\af39\dbch\af39\loch\f39 irectly from betting patrons. In addition, it should be noted that the take-out realised by the totalisator operator applies to \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid15226888 \hich\af39\dbch\af39\loch\f39
the total or gross pool amassed by all patrons betting into that pool\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 , irrespective of whether these bets are ultimately winning\hich\af39\dbch\af39\loch\f39 \hich\f39
or losing bets. Therefore all totalisator betting patrons contribute towards the funding of horseracing, whether they win or lose. Only after the take-out has been performed, will the holders of winning tickets share in what remains of the pool (\'93
\loch\f39 the net\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39 \hich\f39 pool\'94\loch\f39 \hich\f39 ). To simplify by way of example: if, when a particular race is closed for betting, the total amount in the \'93\loch\f39 \hich\f39 win\'94
\loch\f39 pool (contributed by 100 betting patrons, each wagering R1,00 on different horses to win that race) is R100, and, after the race has bee\hich\af39\dbch\af39\loch\f39 n\hich\af39\dbch\af39\loch\f39
run, it transpires that only three patrons have correctly selected Horse X to win the race, the totalisator operator will deduct (the take-out of) R25,00 from the total or gross pool, leaving a net pool (available for distribution) of R75,00. As there ar
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39
three winning tickets only, the net pool of R75,00 will be divided between the three winning ticket holders, with each receiving R25,00 by way of winnings (referred to as a dividend). The take-out of R25,00, provided by winning and losing patrons alike,
\hich\af39\dbch\af39\loch\f39 w\hich\af39\dbch\af39\loch\f39
ill be used by the totalisator operator to fund the administration of the sport of racing, as well as being applied to the payment of all taxes due. Taking into account that there are numerous different individual betting types, or pools, in respect of ea
\hich\af39\dbch\af39\loch\f39 c\hich\af39\dbch\af39\loch\f39 \hich\f39
h race, that there are multiple races per race meeting, and that the amounts wagered by patrons in respect of each pool will be appreciably in excess of the R100 used in the example above, it will be recognised that the individual amounts \'93\loch\f39
\hich\f39 taken out\'94\loch\f39 in r\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39 spect of each pool collectively constitute a substantial amount \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid11296819
\hich\af39\dbch\af39\loch\f39 of money emanating from the public\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 , which is applied to fund the administration of the sport.
\par \hich\af39\dbch\af39\loch\f39 To summarise, therefore, from the perspective of the totalisator, the sport of horseracing is dire\hich\af39\dbch\af39\loch\f39
ctly funded (in part, as will be shown below) by both winning and losing totalisator betting patrons, to the extent of (a maximum of) 25% of all amounts wagered on the totalisator.
\par \hich\af39\dbch\af39\loch\f39 Unlike the totalisator, a licensed bookmaker, on the other hand, does not e\hich\af39\dbch\af39\loch\f39
ngage in pool betting, and winning amounts are not proportionately divided between the holders of winning tickets. Each bet laid by a bookmaker stands in its own right as a separate potential liability on the part of the bookmaker, without reference to ot
\hich\af39\dbch\af39\loch\f39 h\hich\af39\dbch\af39\loch\f39
er bets laid by that bookmaker. The business of a bookmaker laying bets on horseracing is therefore focused on balancing its book, by making sure that it has taken an even spread of betting on horses in a race and potentially locking in a small margin of
\hich\af39\dbch\af39\loch\f39 p\hich\af39\dbch\af39\loch\f39 rofit, as will be explained in greater detail below.
\par \hich\af39\dbch\af39\loch\f39 Once the race has been run and the result has become known, the bookmaker must pay the holders of winning tickets the amounts due to them, with reference to the odds at which the bet was struck. In respe
\hich\af39\dbch\af39\loch\f39 ct of each \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid5775639 \hich\af39\dbch\af39\loch\f39 winning ticket in relation to horseracing\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
, the bookmaker is required to retain 6% of the amount won by the patron, of which half (or 3%) is paid over to the relevant provincial fiscus and the remaining half (or 3%) is ultimately paid over to the\hich\af39\dbch\af39\loch\f39
totalisator operator as an additional contribution to the funding of the sport of horseracing. The additional 3% which, by operation of law, finds its way to the totalisator operator is therefore money which also emanates from the betting public, but mor
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39 specifically only \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid4143727 \hich\af39\dbch\af39\loch\f39 patrons who have placed winning bets with the bookmaker\fcs1 \af39\afs24
\fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 .
\par \hich\af39\dbch\af39\loch\f39 It is therefore clear that the sport of horseracing is funded primar\hich\af39\dbch\af39\loch\f39 ily from two principal public sources, namely \hich\f39 \endash
\par \listtext\pard\plain\s17 \fcs1 \af0\alang1025 \fcs0 \f39\lang7177\langfe1033\langnp7177\langfenp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 (i)\tab\pard\plain \s17\qj \fi-720\li1080\ri0\sa200\sl380\slmult0
\widctlpar\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin1080\itap0\pararsid4143727 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\hich\af39\dbch\af39\loch\f39 all persons who have placed bets (whether winning or losing \hich\af39\dbch\af39\loch\f39 bets) on the totalisator (to the extent of a maximum of 25%), and
\par \listtext\pard\plain\s17 \fcs1 \af0\alang1025 \fcs0 \f39\lang7177\langfe1033\langnp7177\langfenp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 (ii)\tab\pard \s17\qj \fi-720\li1080\ri0\sb240\sa200\sl380\slmult0
\widctlpar\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin1080\itap0\pararsid2770862 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
all persons who have placed winning bets with bookmakers (to the extent of 3% of the amount won in each case).
\par \pard\plain \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2770862 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 In either case, however, it is neither the licensed totalisator nor the li\hich\af39\dbch\af39\loch\f39
censed bookmaker which funds the sport, but the relevant betting patrons. It is worth noting, however, that the amount realised (by way of the take-out) by the totalisator is not only an appreciable percentage in itself, but also pertains to all betting t
\hich\af39\dbch\af39\loch\f39 u\hich\af39\dbch\af39\loch\f39 rnover taken as a whole, and therefore proceeds off a far larger base, whereas the amount contributed by the betting public via bets with licensed bookmakers emanates from winning bets only.


\par
\par \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid4143727
\par \pard\plain \s15\ql \li0\ri0\widctlpar\brdrb\brdrs\brdrw20\brsp80\brdrcf17 \aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2770862 \fcs1 \af38\afs52\alang1025 \fcs0
\f38\fs52\expnd1\expndtw5\cf18\lang7177\langfe1033\kerning28\cgrid\langnp7177\langfenp1033 \fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296\charrsid1061996 C.\tab DEFINING OPERATIONAL FEATURES OF EACH MODEL:
\par \pard\plain \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13505518 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5973984 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
As will be apparent from the discussion under Section B above, there are certain material differences, from an operational perspective, between the nature of the business of a totalisator, on the one hand, and a bookmaker, on the other.
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1572899 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf18\insrsid5256296
\par \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296\charrsid1061996 \hich\af39\dbch\af39\loch\f39 RISK:
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13505518 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 The most si\hich\af39\dbch\af39\loch\f39 gnificant of the above differences is the fact that \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid9117639 \hich\af39\dbch\af39\loch\f39
the totalisator operator is not exposed to any risk of any nature\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
regarding its licensed operations. Put differently, it cannot make a loss on any betting transactions to which it is a party. This is a fu\hich\af39\dbch\af39\loch\f39
nction of the fact that all bets are placed into pools in respect of each bet type, and patrons effectively compete with one another for the net pool (after deduction of the take-out).
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9835363 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39
In contrast, the business of the licensed bookmaker is by its very natu\hich\af39\dbch\af39\loch\f39 re entirely and exclusively defined\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 and driven\fcs1 \af39\afs24 \fcs0
\fs24\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39 by risk.\fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39
For the purposes of example, in the context of a horse race, th\fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 e bookmaker must formulate\fcs1 \af39\afs24 \fcs0
\fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39 odds in respect of all horses taking part in the particular race. The odds - or prices - fixed in respect of e\hich\af39\dbch\af39\loch\f39
ach horse reflects a certain percentage (based on a risk assessment in respect of the likelihood of that horse to win), with all the percentages ideally adding up to 100%. Making - or balancing - a book involves taking a fair spread of money on each horse
\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39
in proportion with the odds set, so that if the book is perfectly balanced, the bookmaker neither wins nor loses. Each percentage point over 100% represents a theoretical profit for the bookmaker, relative to the turnover traded in respect of the race. As
\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39 such, bookmakers strive to lay as many bets as possible on different \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 horse\fcs1
\af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39 s participating in the same \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39
race\fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39
with a view to locking in a small margin (of profit). Invariably, in this process, bookmakers are obliged to assume certain corresponding liabilities\hich\af39\dbch\af39\loch\f39
on events, which means that in many cases, depending upon the outcome, profits are significantly eroded\fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 ,\fcs1 \af39\afs24 \fcs0
\fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39 if not entirely sacrificed.
\par \pard \qj \fi-720\li720\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9835363 \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10772080 \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 Accordingly,\fcs1 \af39\afs24
\fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid9835363 \hich\af39\dbch\af39\loch\f39 high betting turnovers can easily be generated without any assurances of profit on the part of the bookmaker\hich\af39\dbch\af39\loch\f39 .\fcs1
\af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39
Indeed, in some cases, the bookmaker may make a loss. Typically, however, the profit margins attained by bookmakers can be expected to average between 6% and 8%, so that risks are high and returns are modest, at best.
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10772080 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf18\lang1033\langfe1033\langnp1033\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1572899 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid1061996 \hich\af39\dbch\af39\loch\f39
TYPES OF BETS OFFERED:
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1572899 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 It is inherent in the totalisator model that it offers only totalisator \hich\f39 \endash \loch\f39 or pool \hich\f39 \endash \loch\f39 betting, as described above.
\par \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid10772080 \hich\af39\dbch\af39\loch\f39 Traditionally,\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
the totalisator offered betting only on horseracing, while the business of a bookmaker has historically been accepted as permitt\hich\af39\dbch\af39\loch\f39 ing the bookmaker to lay bets on horseracing as well as any other lawful contingency.
\par \pard \qj \li0\ri0\sb240\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10772080 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
However, in recent years this has changed dramatically. Currently, the totalisator offers a variety of totalisator bets on other sporting events, such as soccer and rugb\hich\af39\dbch\af39\loch\f39 \hich\f39
y, which bear no relationship to horseracing. Although questions have arisen regarding whether the creation of totalisator pools in respect of sports other than horseracing does not amount to the creation of \'93\loch\f39 \hich\f39 sports pools\'94
\loch\f39 , which would be unlawful in term\hich\af39\dbch\af39\loch\f39 s\hich\af39\dbch\af39\loch\f39 of the Lotteries Act, Act 57 of 1997\fcs1 \af39\afs24 \fcs0 \cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain
\s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0 \fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0
\cs24\super\insrsid5256296\charrsid8852591 \chftn \fcs1 \af39 \fcs0 \insrsid5256296\charrsid8852591 \hich\af39\dbch\af39\loch\f39 Unless authorised by the National Lotteries Board\fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 .
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 , and have again been raised by the GRC in its Report\fcs1 \af39\afs24 \fcs0 \cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain
\s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0 \fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn
\fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 See the Final Report of the GRC at page 141 (Paragraph 5).\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
, and although the availability of this type of betting on the totalisator impinges upon the traditional betting domain of licensed bookmakers, licensed bookmakers have not actively opposed these developments to date.
\par \hich\af39\dbch\af39\loch\f39 In terms of the National Gambling Act,\hich\af39\dbch\af39\loch\f39 Act 7 of 2004, as amended, licensed bookmakers are permitted to lay and place \fcs1 \af39\afs24 \fcs0 \fs24\ul\insrsid5256296\charrsid1405822
\hich\af39\dbch\af39\loch\f39 fixed odds and open bets\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 on any lawful contingencies\fcs1 \af39\afs24 \fcs0 \cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain
\s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0 \fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn
\fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 See section 4(1)(b) of the National Gambling Act.\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 \hich\f39
, including horseracing and sporting events. In this context, a \'93\loch\f39 fixed o\hich\af39\dbch\af39\loch\f39 \hich\f39 dds bet\'94\loch\f39 , as implied by its name, is defined in the National Gambling Act\fcs1 \af39\afs24 \fcs0
\cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain \s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0
\fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn \fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 See section 1 of the National Gambling Act.
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 as follows:
\par \pard \qj \li720\ri0\sa200\sl380\slmult0\widctlpar\tx720\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1405822 \fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid1405822 \loch\af39\dbch\af39\hich\f39 \'93\fcs1 \ab\ai\af39\afs24
\fcs0 \b\i\fs24\insrsid5256296\charrsid1405822 \hich\af39\dbch\af39\loch\f39 'fixed-odds bet'\fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid1405822 \hich\af39\dbch\af39\loch\f39
means a bet on one or more contingencies in which odds are agreed\fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 \hich\f39 at the time the bet is placed\'94\fcs1 \ai\af39\afs24 \fcs0
\i\fs24\insrsid5256296\charrsid1405822
\par \pard \qj \li0\ri0\sb240\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1405822 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 while, i\hich\af39\dbch\af39\loch\f39 \hich\f39
n the same Act, an \'93\loch\f39 \hich\f39 open bet\'94\loch\f39 is defined as follows:
\par \pard \qj \li426\ri0\sa200\sl380\slmult0\widctlpar\tx720\aspalpha\aspnum\faauto\adjustright\rin0\lin426\itap0\pararsid1405822 \fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid1405822 \loch\af39\dbch\af39\hich\f39 \'93\fcs1 \ab\ai\af39\afs24
\fcs0 \b\i\fs24\insrsid5256296\charrsid1405822 \hich\af39\dbch\af39\loch\f39 'open bet'\fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid1405822 \hich\af39\dbch\af39\loch\f39 means-
\par \pard\plain \s25\qj \fi-426\li852\ri0\sl380\slmult0
owidctlpar\tx431\tx864\tx2015\tx2591\tx3311\faauto\rin0\lin852\itap0\pararsid1405822 \fcs1 \af0\afs24\alang1025 \fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \fcs1 \ai\af39 \fcs0
\i\f39\cf1\insrsid5256296\charrsid1405822 (a)\tab a bet, other than a totalisator bet, taken by a bookmaker on one or more contingencies, in which no fixed-odds are agreed at the time the bet is placed; or
\par \pard \s25\qj \fi-426\li852\ri0\sb240\sl380\slmult0
owidctlpar\tx431\tx864\tx2015\tx2591\tx3311\faauto\rin0\lin852\itap0\pararsid1405822 \fcs1 \ai\af39 \fcs0 \i\f39\cf1\insrsid5256296\charrsid1405822 (b)\tab a bet in respect of
which the payout is determined after the outcome of the contingency on which such a bet is struck became known, with reference to divid\fcs1 \ai\af39 \fcs0 \i\f39\cf1\insrsid5256296 ends generated by a totalisator\'94\fcs1 \ai\af39 \fcs0
\i\f39\cf1\insrsid5256296\charrsid1405822
\par \pard\plain \qj \li0\ri0\sb240\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1405822 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 A bookmaker may therefore by law lay (i.e. accept) bets, with the exception of pool (or \hich\af39\dbch\af39\loch\f39
totalisator) bets in respect of which either fixed odds are agreed to at the time that the bet is laid, or in respect of which the odds are not fixed, or the odds are determined, after the conclusion of the event, with reference to dividends declared by t
\hich\af39\dbch\af39\loch\f39 h\hich\af39\dbch\af39\loch\f39 e totalisator.
\par \hich\af39\dbch\af39\loch\f39
For the sake of completeness, it is recorded that there has been significant opposition to the open bet from the totalisator over several decades. The argument of the totalisator in this regard has been that bookmakers do not contribute to t
\hich\af39\dbch\af39\loch\f39
he administration or funding of the sport of horseracing, which is the sole responsibility of the totalisator operator, but rather feed off the horseracing industry, inasmuch as they are able to use the intellectual property of the totalisator, in the for
\hich\af39\dbch\af39\loch\f39 m\hich\af39\dbch\af39\loch\f39
of totalisator dividends, as a basis for the calculation of odds to be offered to bookmaking patrons. It is argued by the totalisator that this undermines the viability of racing, because patrons who would otherwise have placed bets on the totalisator in
\hich\af39\dbch\af39\loch\f39 s\hich\af39\dbch\af39\loch\f39 tead place these bets with bookmakers, on the expectation of being paid the same dividend as that declared by the totalisator.
\par \hich\af39\dbch\af39\loch\f39 This is not the case, however. As has bee\hich\af39\dbch\af39\loch\f39
n demonstrated in Section B above, the totalisator operator does not itself fund the administration of the horseracing industry. As has been shown, the administration of the industry is funded primarily by the betting public, in the form of the (maximum)
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39
ake-out of 25% of betting turnover realised by the totalisator operator on all totalisator bets struck, and by way of the 3% tax on winning bets taken with bookmakers. In effect, therefore, the funding of the sport of horseracing, whether in respect of be
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39
ting on the totalisator or through bookmakers, comes from precisely the same source, namely the betting public. Accordingly, there is no factual basis for the contention that the bookmaking industry makes its living off the back of a sport which is financ
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39 d by the totalisator.
\par \hich\af39\dbch\af39\loch\f39
In addition, the issue of whether bookmakers may lawfully offer the open bet has been fully canvassed with all appropriate decision-making authorities on a number of previous occasions, has been assented to by the National Parliament
\hich\af39\dbch\af39\loch\f39 itself (by way of the enactment of the relevant provisions of the National Gambling Act referred to above) and has been tested and upheld by the highest Courts in the country\fcs1 \af39\afs24 \fcs0
\cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain \s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0
\fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn \fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 See \fcs1 \ai\af39 \fcs0
\i\insrsid5256296\charrsid2127331 \hich\af39\dbch\af39\loch\f39 Grundlingh\fcs1 \ai\af39 \fcs0 \i\insrsid5256296 \hich\af39\dbch\af39\loch\f39 \fcs1 \ai\af39 \fcs0 \i\insrsid5256296\charrsid2127331 \hich\af39\dbch\af39\loch\f39
& Others v Phumelela Gaming and Leisure Ltd 2005 (6) SA (502) SCA\fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 , and
\par \fcs1 \ai\af39 \fcs0 \i\insrsid5256296\charrsid2127331 \hich\af39\dbch\af39\loch\f39 Phumelela Gaming and Leisure Limited v Grundlingh\fcs1 \ai\af39 \fcs0 \i\insrsid5256296 \hich\af39\dbch\af39\loch\f39 \fcs1 \ai\af39 \fcs0
\i\insrsid5256296\charrsid2127331 \hich\af39\dbch\af39\loch\f39 & Others\fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 [2006] ZACC 6; 2006 (8) BCLR 883 (CC)\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
.Both the Supreme Court of Appeal and the Constitutional Court (the latter unanimously) \hich\af39\dbch\af39\loch\f39
found that there was no legal basis for the arguments (advanced by the totalisator) that the use of the open bet by bookmakers amounted to unfair or unlawful competition with the totalisator.
\par \hich\af39\dbch\af39\loch\f39 Although the question of the open bet has therefore conclusively\hich\af39\dbch\af39\loch\f39 been disposed of, the attack on this bet type has continued unabated and is anticipated to \*\bkmkstart _GoBack
\*\bkmkend _GoBack\hich\af39\dbch\af39\loch\f39 continue. It should be noted that no evidence has been produced to illustrate the alleged egregious effect of the open bet on the sport of horseracing\hich\af39\dbch\af39\loch\f39 . In addition, many boo
\hich\af39\dbch\af39\loch\f39
kmakers regularly take back the open bets which they have laid to patrons with the totalisator itself, meaning that they place similar bets on the totalisator to cover their potential liabilities to patrons as a result of open bets s
\hich\af39\dbch\af39\loch\f39
truck with patrons. In this way, the amounts which the totalisator alleges would have been wagered with it, but have been lost as a result of the open bet, ultimately find their way back into the relevant totalisator pools. In addition, the totalisator de
\hich\af39\dbch\af39\loch\f39 r\hich\af39\dbch\af39\loch\f39 ives the benefit of the 3% of the winning amount of all winning open bets.
\par \pard \qj \li0\ri0\sb240\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
As previously mentioned, bookmakers also offer betting on sporting events. In respect of these bets, bookmakers pay taxes at a rate of 6.5% on all profits generated. Recently, the t\hich\af39\dbch\af39\loch\f39
otalisator has entered this market, which was traditionally the preserve of licensed bookmakers, and thereby also negatively impacting upon the competitiveness of the bookmaking offering.
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296 \hich\af39\dbch\af39\loch\f39 REVENUES AND TAXES:\fcs1 \ab\af39\afs32 \fcs0
\b\fs32\cf19\insrsid5256296\charrsid1061996
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 The National Gambling Board of South Africa ha\hich\af39\dbch\af39\loch\f39
s provided the following statistics in relation to the turnovers, net win figures and taxes paid by the two industry sectors during the 2010/2011 fiscal year:
\par
\par \trowd \irow0\irowband0\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone
\clcbpat20\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw20 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \clcbpat20\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw20 \cellx7794\clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat20\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw20 \cellx9322\pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs28 \fcs0 \b\fs28\cf8\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 BOOKMAKERS\cell \hich\af39\dbch\af39\loch\f39 TOTALISATOR\cell
\hich\af39\dbch\af39\loch\f39 COMBINED\cell \pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow0\irowband0\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl
\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \clcbpat20\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw20 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone
\clcbpat20\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw20 \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat20\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw20 \cellx9322\row
\trowd \irow1\irowband1\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 HORSERACING (R 000\~000)\cell \hich\af39\dbch\af39\loch\f39
HORSERACING (R 000\~000)\cell \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 (R 000\~
000)\cell \pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow1\irowband1\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb
\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\row
\trowd \irow2\irowband2\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 4,028
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 45.90%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 4,784\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 54.1%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 8.776\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow2\irowband2\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 419
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 26.45%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 1,167\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 73.55%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 1,586\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow3\irowband3\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 136\cell
\pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 64.30%\cell \pard \qj \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 75\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 35.70%\cell \pard \qj \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \cell \pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0
\insrsid5256296\charrsid11167476 \trowd \irow4\irowband4\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \trowd \irow5\irowband5\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 SPORTS BETTING (R 000\~000)\cell \hich\af39\dbch\af39\loch\f39
SPORTSBETTING (R 000\~000)\cell \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow5\irowband5\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\row
\trowd \irow6\irowband6\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 3,570
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 94.70%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 199\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 5.30%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 3,769\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow6\irowband6\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 298
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 87.57%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 42\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 12.43%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 341\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow7\irowband7\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 13\cell
\pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 81.78%\cell \pard \qj \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 2.9\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 18.22%\cell \pard \qj \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \cell \pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0
\insrsid5256296\charrsid11167476 \trowd \irow8\irowband8\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \trowd \irow9\irowband9\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 BOOKMAKER TOTALS (R 000\~000)\cell \hich\af39\dbch\af39\loch\f39
TOTALISATOR TOTALS (R 000\~000)\cell \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \ab\af39\afs24 \fcs0 \b\fs24\cf19\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39
COMBINED\cell \pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow9\irowband9\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb
\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth3960\clcbpatraw22 \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\clcbpat22\cltxlrtb\clftsWidth3\clwWidth3961\clcbpatraw22 \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcbpat22\cltxlrtb\clftsWidth3\clwWidth1401\clcbpatraw22 \cellx9322\row
\trowd \irow10\irowband10\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10
\trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 7,598
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 60.56%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Turnover\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 4,948\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 39.44%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 12,546\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow10\irowband10\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 718
\cell \pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 37.26%\cell \pard
\qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Net win\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 1,209\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 62.74%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 1,927\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow11\irowband11\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 149\cell
\pard \qc \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 65.53%\cell \pard \qj \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 Taxes\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 78\cell \pard \qc \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 34.47%\cell \pard \qr \li0\ri0\sl380\slmult0
\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \hich\af39\dbch\af39\loch\f39 228\cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow12\irowband12\ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil
\cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \ql \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 3% to totalisator\cell \pard \qr \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476
\hich\af39\dbch\af39\loch\f39 68.3\cell \pard \qj \li0\ri0\sl380\slmult0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11167476 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid11167476 \cell \cell \cell \cell \cell \pard
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fcs1 \af39 \fcs0 \insrsid5256296\charrsid11167476 \trowd \irow13\irowband13\lastrow \ts11\trgaph108\trleft0\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10
\trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth9322\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx1314\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx2601\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx3899\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx5207\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10
\cltxlrtb\clftsWidth3\clwWidth1320\clshdrawnil \cellx6495\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1321\clshdrawnil \cellx7794\clvertalt\clbrdrt\brdrs\brdrw10
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1401\clshdrawnil \cellx9322\row \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid557032 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 From the above, it is clear that lice\hich\af39\dbch\af39\loch\f39
nsed bookmaker operations generate 21.12% more in betting turnover than the totalisator, and contribute 65.53% of the total taxes paid in respect of betting, on horseracing and on sportsbetting combined. Despite this, their net win is 25.48% less than tha
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39
of the totalisator. The reason for this apparent anomaly is inherent in the two different operational models: the bookmaker business is a high risk business with high turnovers and low profit margins, generating significant taxes, while the totalisator b
\hich\af39\dbch\af39\loch\f39 u\hich\af39\dbch\af39\loch\f39
siness, particularly in the context of horseracing, is a no-risk business which delivers a significant net win to the totalisator, but markedly less taxes to the fiscus. Whereas the profits made by bookmakers are just over 10% of the net win figure, in th
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39
case of the totalisator, profits account for more than 25% of the net win figure. While the percentage of tax to turnover in the case of totalisator betting on horseracing is 15.6%, in the case of the bookmaking industry the taxes generated in respect of
\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39
betting on horseracing amount to 33.7% of turnover generated by betting on horseracing. The contribution of the high-risk businesses of licensed bookmakers to the horseracing industry in South Africa is therefore indisputably an enormous one, and a revenu
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39 source which should be protected and preserved, rather than jeopardised.
\par \pard\plain \s15\ql \li0\ri0\widctlpar\brdrb\brdrs\brdrw20\brsp80\brdrcf17 \aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid557032 \fcs1 \af38\afs52\alang1025 \fcs0
\f38\fs52\expnd1\expndtw5\cf18\lang7177\langfe1033\kerning28\cgrid\langnp7177\langfenp1033 \fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296
\par D\fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296\charrsid1061996 .\tab OPERATIONAL \fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296 CHALLENGES FACING BOOKMAKERS\fcs1 \ab\af39\afs36 \fcs0
\b\f39\fs36\cf19\insrsid5256296\charrsid1061996 :
\par \pard\plain \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4290715 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid4290715 \hich\af39\dbch\af39\loch\f39
The licensed bookmaking industry faces a number of challenges on a variety of levels. To the exten\hich\af39\dbch\af39\loch\f39
t that numerous bookmakers in the country are one or two-person operations engaged in a high-risk/low return business, it is difficult for individual bookmakers to transform their businesses in the same manner as can be expected from larger businesses wit
\hich\af39\dbch\af39\loch\f39 h\hich\af39\dbch\af39\loch\f39
greater levels of profitability. As has been mentioned, notwithstanding the fact that a bookmaker may generate high betting turnovers, profits are typically low. These risk-driven businesses are therefore not attractive to investors seeking to make profi
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39 s.
\par \hich\af39\dbch\af39\loch\f39 The bulk of betting turnover generated by bookmakers is in respect of betting on horseracing. Therefore, it is demonstrably in the interests of licensed bookmakers to promote the wellbeing of the horseracing industry.
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4290715 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid4290715 \hich\af39\dbch\af39\loch\f39 The future of horseracing in this c
\hich\af39\dbch\af39\loch\f39 ountry is directly threatened by the proposed withholding tax of 15% in respect of gambling winnings in excess of R25\~000\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
, particularly in view of the fact that winning bets on horseracing are already subject to a withholding tax\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid4290715 \hich\af39\dbch\af39\loch\f39 . The betting industry is a
\hich\af39\dbch\af39\loch\f39
very competitive one, in which patrons can be expected to seek out those betting providers which offer the greatest potential return. There is a plethora of offshore online betting providers which would enable patrons to place bets on horseracing in Sout
\hich\af39\dbch\af39\loch\f39 h\hich\af39\dbch\af39\loch\f39 Africa without being subject to a withholding tax of any kind. \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid4290715 \hich\af39\dbch\af39\loch\f39
Betting on horseracing (and the horseracing industry as a whole) is likely to implode if the proposed withholding tax is introduced. The sport of horseracing, which employs thousands of people\hich\af39\dbch\af39\loch\f39
in various capacities, has shown a gradual decline over the past years, with a corresponding reduction in profits. As job creation is at the very forefront of the government agenda, the sacrifice of these employment opportunities would be entirely at odd
\hich\af39\dbch\af39\loch\f39 s\hich\af39\dbch\af39\loch\f39
with national policy. This depletion in job opportunities is certain to occur as patrons migrate their business to betting providers which are not subject to a withholding tax and which therefore offer the potential of larger winnings in respect of the s
\hich\af39\dbch\af39\loch\f39 a\hich\af39\dbch\af39\loch\f39 me bet. A decline in betting turnovers will mean decreased sustainability and a corresponding drop in stakes, which in turn will further discourage both participation in the industry \fcs1
\af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 through breeding and horse ownership \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296\charrsid4290715
\hich\af39\dbch\af39\loch\f39 and betting by the public. As the in\hich\af39\dbch\af39\loch\f39
dustry becomes increasingly less sustainable, the primary operational expenses, in the form of jobs, will be the first to be cut. The horseracing industry depends directly for its survival on sustained betting by the public on the totalisator and with lic
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39
nsed bookmakers. The average member of the betting public therefore typically invests modest amounts in the hope of sharing in a large pool, by way of a totalisator dividend. The imposition of a 15% withholding tax on winning amounts exceeding R25 000 wil
\hich\af39\dbch\af39\loch\f39 l\hich\af39\dbch\af39\loch\f39
significantly erode the potential dividends payable on the totalisator, rendering this form of betting less attractive to the public. If the betting public no longer supports the totalisator, the horseracing industry will no longer be viable, and will in
\hich\af39\dbch\af39\loch\f39 e\hich\af39\dbch\af39\loch\f39 vitably face closure.
\par
\par \hich\af39\dbch\af39\loch\f39
To the extent that most licensed bookmakers in South Africa engage predominantly in betting on horseracing, the collapse of the horseracing industry can be expected to lead directly to the demise of licensed bookmaking operations.\fcs1 \af39\afs24
\fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296
\par \pard \qj \li0\ri0\sb240\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4290715 \fcs1 \af39\afs24 \fcs0 \fs24\lang1033\langfe1033\langnp1033\insrsid5256296 \hich\af39\dbch\af39\loch\f39 Fi
\hich\af39\dbch\af39\loch\f39
nally, the proposed licensing of person-to-person betting exchanges, as advocated by the GRC, poses a direct threat to the integrity of horseracing in this country, and therefore also to the sustainability of bookmaking operations. This aspect will be dis
\hich\af39\dbch\af39\loch\f39 c\hich\af39\dbch\af39\loch\f39 ussed in further detail in Section E below.
\par
\par \pard\plain \s15\ql \li0\ri0\widctlpar\brdrb\brdrs\brdrw20\brsp80\brdrcf17 \aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4290715 \fcs1 \af38\afs52\alang1025 \fcs0
\f38\fs52\expnd1\expndtw5\cf18\lang7177\langfe1033\kerning28\cgrid\langnp7177\langfenp1033 \fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296 E\fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296\charrsid1061996 .\tab \fcs1
\ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296 RECOMMENDATIONS OF THE GRC\fcs1 \ab\af39\afs36 \fcs0 \b\f39\fs36\cf19\insrsid5256296\charrsid1061996 :
\par \pard\plain \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
Although the GRC has made very few recommendations which pertain to the bookmaking industry \fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid4290715 \hich\af39\dbch\af39\loch\f39 per se\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\hich\af39\dbch\af39\loch\f39 , two of the suggestions contained in its Report are set to have lasting implicat\hich\af39\dbch\af39\loch\f39 ions for the licensed bookmaking industry in South Africa, if they are implemented.
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1061996 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296\charrsid7827793 \hich\af39\dbch\af39\loch\f39 BOOKMAKING AND B-BBEE:
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 The first of these pertains to the manner in which compliance \hich\af39\dbch\af39\loch\f39
with the Codes of Good Practice on B-BBEE is to be measured in the context of licensed bookmaking operations. The GRC has recognised the concerns raised by bookmakers in this regard, with due regard to the operational constraints inherent in the bookmakin
\hich\af39\dbch\af39\loch\f39 g\hich\af39\dbch\af39\loch\f39 model, remarking as follows:
\par \pard\plain \s32\qj \li720\ri0\sl380\slmult0\widctlpar\faauto\rin0\lin720\itap0\pararsid5311858 \fcs1 \af1\afs24\alang1025 \fcs0 \fs24\cf1\lang7177\langfe1033\loch\af1\hich\af1\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \ai\af39 \fcs0
\i\f39\insrsid5256296 \loch\af39\dbch\af39\hich\f39 \'93\fcs1 \ai\af39 \fcs0 \i\f39\insrsid5256296\charrsid5311858 \hich\af39\dbch\af39\loch\f39
The concern is well placed. A one-person business cannot be expected to transform its ownership, management, employment equity, preferential procurement policies, skills development policies, enterprise development policies, \hich\af39\dbch\af39\loch\f39
and socio-economic development policies (the seven pillars of B-BBEE) in the same way that larger corporate structures can. Indeed, the Codes make this provision in recognition of this limitation.
\par \pard\plain \qj \li720\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5311858 \fcs1 \af39\afs22\alang1025 \fcs0 \fs22\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1
\ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid5311858 \hich\af39\dbch\af39\loch\f39 The Commission believes that an alternative to annual turn\hich\af39\dbch\af39\loch\f39 over be devised to determine B-BBEE liabilities.\fcs1 \ai\af39\afs24 \fcs0
\i\fs24\insrsid5256296 \loch\af39\dbch\af39\hich\f39 \'94\fcs1 \ai\af39\afs24 \fcs0 \cs24\i\fs24\super\insrsid5256296 \chftn \footnote \pard\plain \s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1
\af39\afs20\alang1025 \fcs0 \fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn \fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39
See the Final Report of the GRC, at page 67.\fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid5311858
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 The above remarks are \hich\af39\dbch\af39\loch\f39
welcomed by the bookmaking industry, which looks forward to interacting with the relevant national government structures in order to cra\hich\af39\dbch\af39\loch\f39
ft a model which will promote transformation in the industry in a manner which recognises its defining operational features.
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5311858 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \ab\af39\afs32 \fcs0 \b\fs32\cf19\insrsid5256296 \hich\af39\dbch\af39\loch\f39 PERSON TO PERSON BETTING EXCHANGES:\fcs1 \ab\af39\afs32
\fcs0 \b\fs32\cf19\insrsid5256296\charrsid7827793
\par \pard \qj \li0\ri0\sa200\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5311858 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 The second recommendation of the GRC which requires attention is its proposal that person-to-\hich\af39\dbch\af39\loch\f39 person betting exchanges should be brought into the regulatory framework.\fcs1 \af39\afs24 \fcs0
\cs24\fs24\super\insrsid5256296 \chftn \footnote \pard\plain \s22\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \fcs1 \af39\afs20\alang1025 \fcs0
\fs20\lang7177\langfe1033\loch\af39\hich\af39\dbch\af39\cgrid\langnp7177\langfenp1033 \fcs1 \af39 \fcs0 \cs24\super\insrsid5256296 \chftn \fcs1 \af39 \fcs0 \insrsid5256296 \hich\af39\dbch\af39\loch\f39 See the Final Report of the GRC, at page 173.
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 \hich\f39 For the purposes of evaluating this recommendation, it is important to understand what a person-to-person (\'93\loch\f39 \hich\f39 P2P\'94\loch\f39 ) betting exchange is\hich\af39\dbch\af39\loch\f39
and how it operates, against the backdrop of the clear objectives of both South African and international laws relating to gambling.
\par \pard \qj \li0\ri0\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14496582 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39
Taking into account the risk-based nature of wagering, legal systems throughout the world have traditionally regarded it a\hich\af39\dbch\af39\loch\f39 s imperative that the person who accepts another\hich\f39 \rquote \loch\f39
s money in a wager should be found to be fit and proper to do so. The underlying reason for this approach is to protect the honesty and integrity of the industry and public confidence in its legitimacy, as \hich\af39\dbch\af39\loch\f39 w
\hich\af39\dbch\af39\loch\f39
ell as to ensure fair play towards the public. Accordingly, in South Africa, as in most reputable jurisdictions throughout the world, no person may lay (as opposed to placing) a bet otherwise than under the authority of a bookmaker licence.\fcs1
\af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sb240\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14496582 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 The licensing \hich\af39\dbch\af39\loch\f39
process which the law insists upon creates an ongoing regulatory relationship between the regulator and the licence holder, in terms of which the licence may be issued subject to particular conditions and licensed activities are regularly audited and moni
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39
ored. Ongoing compliance by the licence holder is a function of the value the licence represents for the licensee, together with the power of the regulator to suspend or revoke the licence on good cause. Constant supervision by the regulator ensures that
\hich\af39\dbch\af39\loch\f39 \hich\af39\dbch\af39\loch\f39 this relationship is preserved and (depending upon the sophistication of the regulatory regime) that the integrity of the industry and the betting product is upheld.
\par \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 As previously explained, i\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39
n traditional bookmaking, the bookmaker carries the risk inheren\hich\af39\dbch\af39\loch\f39 t in the wagering transaction and must, effectively \hich\f39 \lquote \loch\f39 make\hich\f39 \rquote \loch\f39
or balance its book. Notwithstanding the fact that betting exchanges have been licensed as bookmakers in certain other countries, they are not bookmakers, in that they do not assume or carry any r\hich\af39\dbch\af39\loch\f39 i
\hich\af39\dbch\af39\loch\f39 sk.\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 They are not parties to any betting transaction, but\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582
\hich\af39\dbch\af39\loch\f39 are rather betting brokers, in the sense that they merely facilitate matching transactions \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
between ordinary members of the public, against payment of a commission in respect of each transaction.
\par \pard \qj \li0\ri0\sb100\sa100\sbauto1\saauto1\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\outlinelevel0\adjustright\rin0\lin0\itap0\pararsid9125384 \fcs1 \af39\afs24 \fcs0 \fs24\cf1\lang7177\langfe7177\kerning36\langfenp7177\insrsid5256296
\hich\af39\dbch\af39\loch\f39 Pare\hich\af39\dbch\af39\loch\f39
d down to its essentials, P2P betting means that if Player A wants to bet R20, at odds of 20 to 1, that Horse X will win the third race at Kenilworth, Player A will only have a bet if the P2P betting exchange identifies another person, say Player B, who w
\hich\af39\dbch\af39\loch\f39 i\hich\af39\dbch\af39\loch\f39 shes to bet \fcs1 \af39\afs24 \fcs0 \fs24\ul\cf1\lang7177\langfe7177\kerning36\langfenp7177\insrsid5256296\charrsid13457005 \hich\af39\dbch\af39\loch\f39 against that outcome\fcs1
\af39\afs24 \fcs0 \fs24\cf1\lang7177\langfe7177\kerning36\langfenp7177\insrsid5256296 \hich\af39\dbch\af39\loch\f39
at the same odds. It should be stressed that the P2P betting exchange is not a party to the wager, but merely provides the platform for the matching of two parties with directly opposing view regarding the result of the eve\hich\af39\dbch\af39\loch\f39
nt on which the betting is to be struck. Player A therefore bets, not against the P2P betting exchange, but against Player B. Player B\hich\f39 \rquote \loch\f39
s bet is accordingly that, Horse X will NOT win the third race at Kenilworth on the day in question, and Player B will t\hich\af39\dbch\af39\loch\f39 h\hich\af39\dbch\af39\loch\f39 \hich\f39 erefore \'93\loch\f39 \hich\f39 win\'94\loch\f39
only if Horse X does NOT win. Therefore, in each and every case, one of the players will \fcs1 \af39\afs24 \fcs0 \fs24\ul\cf1\lang7177\langfe7177\kerning36\langfenp7177\insrsid5256296\charrsid7827793 \hich\af39\dbch\af39\loch\f39 always\fcs1
\af39\afs24 \fcs0 \fs24\cf1\lang7177\langfe7177\kerning36\langfenp7177\insrsid5256296 \hich\af39\dbch\af39\loch\f39
be betting on the non-materialisation of the result. If, in each and every case, there are people betting on losing outcomes, this incentivise\hich\af39\dbch\af39\loch\f39
s cheating and manipulation. As will be recognised, it is not difficult to engineer losing outcomes in horseracing \hich\f39 \endash \loch\f39
all that is needed is the cooperation of a stable hand or groom, a trainer, an owner or a jockey. Considering that there may be up to 20 h\hich\af39\dbch\af39\loch\f39 o\hich\af39\dbch\af39\loch\f39
rses in a race, it becomes exponentially easier to secure losing outcomes, especially narrow ones, without eliciting too much suspicion. This goes to the heart of the integrity of horseracing. People betting against a horse to win may therefore stand to g
\hich\af39\dbch\af39\loch\f39 a\hich\af39\dbch\af39\loch\f39 in huge amounts from securing that outcome, which opens up the industry to malfeasance.
\par \pard \qj \li0\ri0\sb240\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14496582 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 In addition, despite the fact that\fcs1 \af39\afs24 \fcs0
\fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 the\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 P2P\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39
betting exchange may be licensed, this \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 does not provide any assurances\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39
from a day-to-day regulatory perspective, as the\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 P2P\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 b
\hich\af39\dbch\af39\loch\f39 etting exchange has no interest in the outcome of any of the transactions between the parties. While the\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 P2P\fcs1 \af39\afs24 \fcs0
\fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 betting exchange can monitor and report upon transactions, it cannot, \fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 ceteris paribus
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 , prevent them from taking place. It cannot proactively monito\hich\af39\dbch\af39\loch\f39
r suspicious transactions in the same manner as a traditional bookmaker can.
\par \hich\af39\dbch\af39\loch\f39 What is of far greater significance, however, is the fact that the\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 P2P\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582
\hich\af39\dbch\af39\loch\f39 betting exchange operator effectively facilitates betting transactions between \fcs1 \ab\ai\af39\afs24 \fcs0 \b\i\fs24\ul\insrsid5256296\charrsid8789587 \hich\af39\dbch\af39\loch\f39
two anonymous parties, both of whom are unlicensed\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 .\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
The P2P model therefore transforms each and every member of the public into a bookmaker, but without any\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 safeguard regarding the personal probity of any
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 such person\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 . For this purpose, it should be borne i\hich\af39\dbch\af39\loch\f39
n mind that, in respect of every wager taken, are individuals staking money on directly opposite outcomes. In each case, at least one of these parties is playing the role of the bookmaker, who ordinarily would have been required to submit to probity inves
\hich\af39\dbch\af39\loch\f39 t\hich\af39\dbch\af39\loch\f39 igations and licensing as a means of upholding the integrity and trustworthiness of the industry.
\par \hich\af39\dbch\af39\loch\f39 Where, in the traditional bookmaking model, customers were permitted to bet only on winning outcomes, in the betting exchange model they are now empowered to\hich\af39\dbch\af39\loch\f39
bet on losing ones. The person betting on a losing outcome accordingly has a direct financial incentive to ensure that this outcome materialises. \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \hich\af39\dbch\af39\loch\f39 As previously stated,\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 engineering a losing outcome\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39
in horseracing\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 , especially by a narrow margin, will not i\hich\af39\dbch\af39\loch\f39
nevitably awaken suspicion, adding to the vulnerability of the sport for corrupt practices in this context. In addition, whatever suspicion might arise would have to be dealt with on an \fcs1 \ai\af39\afs24 \fcs0 \i\fs24\insrsid5256296\charrsid14496582
\hich\af39\dbch\af39\loch\f39 ex post facto\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid14496582 \hich\af39\dbch\af39\loch\f39 basis, rendering the control exercised over the integrit\hich\af39\dbch\af39\loch\f39
y of the industry reactive rather than proactive in nature and potentially occasioning greater expense and resource allocation in keeping dishonesty at bay.\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296
\par \pard \qj \li0\ri0\sb240\sl380\slmult0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7827793 \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 A\fcs1 \af39\afs24 \fcs0
\fs24\insrsid5256296\charrsid7827793 \hich\af39\dbch\af39\loch\f39 ll sectors of the licensed \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 horse\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid7827793
\hich\af39\dbch\af39\loch\f39 racing and betting industry in South Africa have registered their \hich\af39\dbch\af39\loch\f39 vehement opposition to the legalisation of \fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296 \hich\af39\dbch\af39\loch\f39 P2P
\fcs1 \af39\afs24 \fcs0 \fs24\insrsid5256296\charrsid7827793 \hich\af39\dbch\af39\loch\f39 \hich\f39 betting exchanges in this country.thecontinuum.ca Traditional bookmakers, the National Horseracing Authority (\'93\loch\f39 \hich\f39 NHRA\'94\loch\f39
) (formerly the Jockey Club of Southern Africa) and both currently licensed totalisator operators (Gold Circ\hich\af39\dbch\af39\loch\f39 le and Phumelela) are united in their stance in this regard.