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Gold Circle Announce Stake Adjustment

Lower level equilizer for Monday campaigners

Gold Circle has announced that, with immediate effect, all races in the Province will be run for a minimum stake of R80 000.

“While the Monday race meetings will continue to provide opportunities for the lower grade of horse, we are happy that the level of prize money for which they are competing has been equalised,” said Racing Executive Raf Sheik.

  • Gold Circle media release on Monday 2 August 2021
  • Image by Candiese Lenferna

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10 comments on “Gold Circle Announce Stake Adjustment

  1. Keith sing says:

    tanx gold circle for coming and supporting the life blood of horse racing the owners just like my friend done the calculations a 10 time winner and the owner is still in the red well done to who where involved

  2. devan says:

    Good thinking, thank you to Gold Circle for increasing stakes however can something be done to improve your service and cleanliness in your TAB outlets. It is absolutely terrible to go to a tote to get a bet on or a form and you expect us to bet on the tote?

  3. Hamisj Stewart says:

    I catch a pick 3 with hollywood 10x.the tote payout is R176.20 and i am credited R1762.No tax taken off open bet.My open bet payouts in accordace with tote dividends are over R700k for the past year.At 6% thats 42k for stakes.But as the people of this country are still not ready for freedom ,administrators are still not ready to save racing

    1. Editor says:

      Hi Hamisj
      Just to clarify your error in the example you quote:
      HW grosses up the payout R1863.83 (1752/.94)
      HW pays the tax for the punter @6% R111.83 (1863.83*.06)
      Racing operator in KZN gets 50% R55.91
      So your assertion that no tax is paid is incorrect.
      This applies to all open bets.

  4. David Thiselton says:

    The editor’s assertion this applies to all open bets is incorrect.
    In KZN it only applies to winning bets.
    The example above is simply a reference to how bookmakers pay tax on all of their horseracing bets, fixed odds or open bets.
    However, there is an error in the example unless I am mistaken because the 6% tax is worked out against the profit not the profit + stake.
    Nevertheless the returns to racing from the open bet remain miniscule compared to what it would be if that same money was wagered on the Tote because the latter rakes off from the gross amount in the pool not just on the profit from the winning bets.
    The open bet is damaging to racing whichever way you look at it..

    1. Editor says:

      The original scenario was a winning bet and the writer was suggesting that no tax was deducted – which was incorrect. The writer also said his winnings on open bets were R700k and he suggested that 42k would have been the tax, which is 6% punters tax. In this case the punters tax of 6% paid by HW would be R44.6k and not R42k
      Yes, there is no tax returned on losing bets but the writer was asking about a winning bet.
      The bookmakers won the right to lay the open bet in the constitutional court – it is their right.
      The 6% tax is payable on winnings, correct – in the example the dividend was R1762 and the tax calc was on R1752 being minus the R10 stake.

  5. George McDonald says:

    Honestly Mr. David Thislelton if you fancied Pearl of Asia to win the Mercury Sprint would you have put your R 100 on the Tote to win R 1 850 or would you bet your R 100 with a Bookmaker and get a return of more than R 6 000?

  6. Mr DL THISELTON says:

    George the protest about the open bet does not refer to on the nose bets because those are the traditional fare of the bookmaker it refers to the exotics put on by the Tote and bookmakers lay bets and pay out on the Tote dividend. Honestly if you staged a raffle and somebody sat at the back of the hall and laid bets on the outcome would it be legal? Why then did the courts decide the open bet was legal?

  7. hilton witz says:

    When it comes to the open bet surely the punter who is the customer have the choice where he wants to place his bets?

  8. Donald Bradshaw says:

    The bookmakers won this right in the con court and the con courts judgement`s cannot be accepted when it suits us and rejected when not. However, the fact of the matter is as stated by Mr. Thiselton in his analogy of a raffle , the operator puts on the show and has many obligations financial and otherwise to produce and deliver that show and the bookmakers with no input costs rake in from the show costing the operators / totes bottom line to be severely impacted. Such a scenario is unsustainable.

    The matter of the operators / totes customer service as opposed to that of the corporate bookmakers is a separate debate and one that needs urgent remedy by the operator / totes to lure those millions of horse racing rands back onto the tote to grow the sport , increase stakes and put on a bigger and better show !

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