| Fri 2 Jul 2010, 16:37 | | PHM - Phumelela - Voluntary Announcement |
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PHM
PHM
PHM - Phumelela - Voluntary Announcement
Phumelela Gaming & Leisure Limited
( Incorporated in the Republic of South Africa )
( Registration number 1997/016610/06 )
Share code : PHM ISIN: ZAE000039269
VOLUNTARY ANNOUNCEMENT
Shareholders are advised that following the successful launch of fractional tote
betting in England last month, the UK Tote and Phumelela Gold Enterprises (PGE)
have entered into a ground-breaking agreement that will create new opportunities
for commingling tote bets in the UK and South Africa into single pools.
The UK Tote`s introduction of fractional betting paves the way for UK punters in
Tote Direct shops to bet into TAB pools on South African races.
South African punters already bet into UK Tote pools, but the new deal enables
the UK Tote to offer commingling on more bet types including the Trifecta.
Fractional betting is offered on the Trifecta in South Africa and the roll-out
of fractional betting in the UK now enables Trifecta pools to be commingled.
The agreement marks another exciting development in both PGE and the UK Tote`s
rapidly expanding overseas business and will provide more opportunities for tote
punters in the UK and South Africa to bet into commingled, and therefore bigger,
tote pools.
UK betting shop customers will have the opportunity to take a range of bet types
into TAB pools in South African, as well as multi-leg exotic bets that are
popular in the UK. This new opportunity, part of the UK Tote International
Service to bookmakers, is expected to commence later this year.
As always with commingled pools, the rules and takeouts of the host tote will
apply. TAB customers should note that the takeout from UK Tote Trifecta and
Swinger pools is 26% and 30% respectively, but takeouts from Win and Place pools
are much lower at 13.5% and 18% respectively.
One of the success stories of the UK Tote`s commercial partnership with PGE has
been the launch of the Swinger, a popular bet in South Africa, on UK racing in
June 2008.
David Craven, Managing Director of Totepool, said "Phumelela has been a long-
term and valued partner of the UK Tote. We are obviously delighted that we have
secured the South Africans` involvement and investment in UK racing and we
believe this new deal will have significant benefits for both parties.
"With our technology developing at such a rapid pace, we are able to extend our
association with South Africa further than before, commingling on a wider a
range of bets and providing a platform to re-launch the totetrifecta. The fact
that UK betting shop customers will also be able to access South African pools
makes this a win-win deal for punters and bookmakers alike, as well as
increasing profits for UK racing."
Phumelela Gold`s Group CEO, Rian du Plessis, said: "We are very pleased with our
renewed and expanded agreement with the UK Tote. Going forward our customers
will benefit from being able to bet into additional commingled exotics and,
importantly, our South African pools will also benefit from the reciprocal
betting of the Tote`s customers. It is a win-win for both of us!"
2 July 2010
Johannesburg
Sponsor and Investment Bank: Investec Bank Limited
Date: 02/07/2010 16:37:01 Produced by the JSE SENS Department.
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