Phumelela is obliged to, and does comply with the approved TAB Operational Rules in respect of carry-over pools.
That was the word from Bill Clucas, Phumelela Restructure Executive, in response to a query from the Sporting Post submitted to racing management nationally, on behalf of staunch racing man, Hilton Witz.
I have asked on numerous occasions to what happens to the interest accrued from carryovers from all the exotics? As documented previously that money belongs to the punters until such time as there is a winner/winners. As far as I am concerned that interest should be added onto the relevant pools. Up until today I am still awaiting an explanation from the authorities and it seems apparent that they have no intention of divulging to the paying public where THEIR money is going to.Please could you follow this up and inform your loyal followers of the outcome to my request, Mr Witz wrote recently.
Mr Clucas responded that Phumelela is obliged to, and does comply with the approved TAB Operational Rules in respect of carry-over pools.
He goes on to state:
In addition, it prepares its accounts in compliance with international accounting standards. Phumelela recognises in its accounts the obligation it has to punters to pay-out carry-over pools. In addition, an amount equivalent to the carry-over pools is reserved in a separate bank account. Due to the relatively short period between the receipt of the funds and the pay-out of carry-over amounts, as well as the need to maintain a high level of liquidity in order to meet any large pay-outs, funds are generally kept in current accounts.
While Clucas does not directly address the question of interest raised by the SP reader, he does reference the liquidity aspect and that funds are ‘generally kept in current accounts’. These accounts generally attract low credit interest.
The Sporting Post can record that we are informed reliably that carryover monies were part of the Phumelela daily operational cash-flow under the previous regime.
Mr Clucas’ reference to a ‘seperate account’ holding an amount equal to carryover liabilities to customers is a first indication – after a decade of speculation – as to how the process functions.
It would be interesting to ascertain what is in the carryover pot.
The Gauteng Guineas day racemeeting, now scheduled for 13 February, offers a host of carryovers:
- Turffontein Net BiPot C/Over: R 50 000 – Race 2 off at 13h05. Estimated Pool: R 300 000.
- Turffontein Net Pick6 C/Over: R 1 Million – Race 4 off at 14h13. Estimated Pool: R 5 Million.
- Turffontein Net Jackpot C/Over: R 100 000 – Race 5 off at 14h53. Estimated Pool: R 750 000.
- Turffontein Net Pick3 C/Over: R 100 000 – Race 8 off at 16h45. Estimated Pool: R 250 000.