Phumelela Gaming And Leisure Limited - Voluntary Announcement
Release Date: 13/02/2004 12:56:00 Code(s): PHM
Phumelela Gaming and Leisure Limited - Voluntary Announcement
Phumelela Gaming and Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM ISIN: ZAE000039269
In a landmark verdict for the horseracing and betting industry, a Pretoria High
Court judge on Thursday 12 February ruled that bookmakers may not take bets
which in any way whatsoever are linked to tote dividends and results. In
announcing this verdict, the judge made it clear that the unauthorised use by
bookmakers of the fruits of Phumelela"s labour and skill "was clearly unlawful
competition", and he granted an interdict in favour of Phumelela to stop this
practice. He furthermore interdicted bookmakers from laying "open bets" i.e. a
bet in which the odds are not fixed at the time the bet is taken, since he ruled
that this is in contravention of the Gauteng Gambling Act.
The implications of this judgement are that in future, only bookmakers who have
been appointed agents of Phumelela may accept tote bets on behalf of Phumelela
and may not hold such bets themselves. Compliance with this ruling is expected
to be earnings enhancing for Phumelela.
The judge"s finding arose from an action brought by Phumelela Gaming and Leisure
Limited, who contended that tote dividends and results were its intellectual
property. The respondents may apply for leave to appeal.
13 February 2004
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