| Thu 7 Apr 2011, 12:00 | | PHM - Phumelela Gaming & Leisure Limited - Phumelela and Tabcorp to grow |
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PHM
PHM
PHM - Phumelela Gaming & Leisure Limited - Phumelela and Tabcorp to grow
strategic relationship
Phumelela Gaming & Leisure Limited
(Incorporated in the Republic of South Africa )
(Registration number 1997/016610/06 )
Share code : PHM
ISIN: ZAE000039269
Phumelela and Tabcorp to grow strategic relationship
Phumelela Gold Enterprises (PGE) and Tabcorp today announced an important
development in their strategic relationship.
PGE and Tabcorp will jointly own the international totalisator gateway
business currently operated by Phumelela Gold International, a Phumelela
Group company based on the Isle of Man (subject to satisfaction of
conditions mentioned below).
The relationship will take the form of an incorporated joint venture known
as Premier Gateway International (PGI). Tabcorp is the first international
tote operator to accept the invitation to join PGE in the gateway business.
PGE and Tabcorp share the vision of global co-mingling and this joint
venture between the two organisations is the first step towards achieving
that goal.
The variety of systems and technologies utilised for tote betting in racing
jurisdictions across the globe is a major hurdle to global co-mingling. This
is due to the significant reciprocal investments in time and resources which
are required to co-mingle tote pools.
A global tote gateway, such as PGI, expedites and facilitates co-mingling
because once a tote system is connected to the gateway, it will have access
to other tote systems around the world that are already linked to the
gateway.
Rian du Plessis, Phumelela Group CEO, said: "We are delighted at the
prospect of entering into this strategic relationship with Tabcorp and look
forward to working with them in developing the Isle of Man gateway to its
full potential.
"The gateway will offer different tote operators the ability to co-mingle
tote pools with different totes through one software solution as opposed to
having to develop a variety of solutions," he added.
David Attenborough, Tabcorp`s Managing Director of Wagering, said: "Tabcorp
welcomes the opportunity offered by PGE to be the first major international
wagering company to participate with them in the gateway business.
"Global co-mingling has historically been expensive and protracted. This
gateway business offers tote operators more efficient and less costly access
to other global totes.
"We believe that the Australian and New Zealand racing industry will benefit
from the additional export opportunity created by Tabcorp totalisator pools
becoming accessible through the gateway. This can build on the $A28m already
distributed to the Australian racing industry over the last five years by
the Tabcorp-owned Sky Racing, which manages Australian racing`s
international rights and exports it to 30 countries."
The establishment of the PGI joint venture is conditional on Tabcorp,
Phumelela and PGI receiving necessary regulatory and racing industry
approvals and a number of additional agreements being agreed and finalised
between Phumelela and Tabcorp.
About Phumelela Gold Enterprises (PGE) www.tabonline.co.za:
Phumelela Gold Enterprises (PGE) is a joint venture between South African
horseracing and tote betting operators Phumelela and Gold Circle. PGE is
managed by JSE-listed Phumelela and owns the domestic and international
broadcast and information rights to South African horseracing. PGE also sets
fixtures for all South African racecourses and owns and manages Tellytrack,
South Africa`s domestic horseracing TV channel.
About Tabcorp Holdings Limited
Tabcorp Holdings Limited is Australia`s premier gambling and entertainment
group. Tabcorp is a market leader in wagering, offering tote odds, fixed
odds and sportsbetting and is the operator of the two largest tote pools in
Victoria and NSW. Tabcorp offers wagering through more than 2500 TAB
outlets, a call centre and online, mobile and Pay TV channels. Tabcorp`s
media arm, Sky Racing, is a national and international racing broadcaster,
which is available in 5,100 commercial outlets and 2.3 million homes around
Australia.
More information, contact
Robert Garner
General Manager Marketing & Communications
Phumelela
rgarner@phumelela.com
Nicholas Tzaferis
General Manager Group Corporate Affairs, +61 3 9868 2529
Tabcorp
tzaferisn@tabcorp.com.au
7 April 2011
Sponsor:
Investec Bank Limited
Date: 07/04/2011 12:00:06 Produced by the JSE SENS Department.
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