Pick 6 Carry Over Pools

The reality is that we live in a country with one of the highest crime rates in the world,People are frequently killed for a cell phone,fraud cases are littered with incompetent audits (this is documented,not just opinion)............and yet we trustingly accept that an industry with large pools of money ,open to manipulation, without fear of prosecution and weakly regulated,must be squeaky clean.
I would hope that is right but would like to see a little more transparency of checks and balances,to add a little comfort,especially in the light of some illogical goings on with tote payouts!

Those that think that a company has been audited is 100% kosher are living in la la land. With phumelela claiming a 7 billion rand annual turnover there materiality for audit concern would be about 20 - 70 million rand dependant on engagement letter percentage details. That is a lot of wriggle room. Remember although auditors are independent, they are not a public entity I.e. need to protect their interests and not lose clients, as they have big overheads to cover. Remember auditors offer an opinion, not a guarantee.

i dont have a problem with the p6 rules,but what i want to know is who is in charge of allocating the c/over amounts to the various meetings.we must at least have some clue as to what is going on with our money in the c/over pools as they have already been taxed and its the punters money,yet 1or 2 people control what happens to it and when they will allocate some of it to a future meeting that suits them,yet the punters have no say in the matter,even tho it is the punters money.we need some transparency and at least get some feedback as to wat the operators have in mind with all the c/over money they have in there coffers.

rob faux Wrote:

---

> The reality is that we live in a country with one
> of the highest crime rates in the world,People are
> frequently killed for a cell phone,fraud cases are
> littered with incompetent audits (this is
> documented,not just opinion)............and yet we
> trustingly accept that an industry with large
> pools of money ,open to manipulation, without fear
> of prosecution and weakly regulated,must be
> squeaky clean.
> I would hope that is right but would like to see a
> little more transparency of checks and balances,to
> add a little comfort,especially in the light of
> some illogical goings on with tote payouts!

Again ,well said Rob but as another poster penned.......la la land.....the operators owe us nothing......no explainations...... nada zip.....the take it or leave it attitude has never been more prevalent.....muggs game ....to muggs nothing to explain........-D

I say Bring back coupling rule

Interesting to note that the tote double will be paying the least with number 11 (R85)! And with number 9 (R141),

Yet P6 tickets show fewer tickets with 11 (2.16), vs 3.13 on Number 9.

Need to figure this out

It's really become a money-spinner & auditors are no saints to put all your faith in.Looking at the feast of carryovers from 26-12 right thru to 28-12 with 2 c/overs on the 28/12 & it's a nightmare for the small/med punters and will see all the holiday bonus go up like a rocket in smoke.

Big (td)(td) for this bet & the pathetic standard of racing these days. (td)

Observer1 Wrote:

---

> Interesting to note that the tote double will be
> paying the least with number 11 (R85)! And with
> number 9 (R141),
>
> Yet P6 tickets show fewer tickets with 11 (2.16),
> vs 3.13 on Number 9.
>
> Need to figure this out


And you wonder why people don't take you seriously.

" They " actually FORGOT to add the c/over amount to the pool at Clairwood Park a few years ago & only rectified the mistake after a dividend was declared without the c/over portion added on.

What an ABSOLUTE circus!!! Punters that had cashed in their winnings were left short-changed.

Amounts to FRAUD as no heads were rolled.:

I don't know the answer to this but I know some people here do.

Once the carryover pool is taxed once, it doesn't get taxed again right?

So if the R500k is carried forward it is done so post tax right?

thanks

Sounds right TH the R500k is the NETT amount that should be added to the NETT pool of the next chosen meeting.

I will attempt to track all carryovers for the period January 1st to January 31st and see how much has been carried over and how much has been allocated.

At least if Phumelela reads this they will make sure it is done properly for 1 month because they know someone is watching them