How exactly is Hong Kong revenue accounted for?

Yesterday we had a situation that Hong Kong bet into Kenilworth racing, supposedly for the first time. Contrary to what we were being told, HK money was not co-mingled into our pools. Having a look at numbers, they make for some VERY interesting reading, and I now understand why so many moves were made behind the scenes to appease PSA/Cosatu.

Turnover on the Met meet equated to HK$ 116.5M. That equates to R176M. The number you read is correct R 176 000 000. Local turnover is dwarfed by this figure. I would say we were lucky to do a fifth ( and I'm being extremely generous here ) of that figure on the tote. This begs the question. What deal was negotiated? How much of that returned to the stakes pot? Who audits these figures? Where are these listed for public consumption?

I would bet my bottom dollar that an unhealthy amount lands up in the coffers of Phumelela and owners will see little to none of this.

.....do you think that HK got our TT studio feed on the day.....if so they may not want participate again as it was not of any quality standard.....compared to LQP.....yesterday was way below par
.....I hope they got a clean feed without the TT Studio C team....

OTA is correct.We should be appraised of the return from Hong Kong.And it should all be credited to the stakes pot.It would certainly help the Cape figures and future stakes in that region.

Maybe the agreement was for the use of their products and not the other way round? ( TT cover all meetings )

Bob Brogan wrote: Maybe the agreement was for the use of their products and not the other way round? ( TT cover all meetings )

.....dont quiet understand....our product was beamed to them so that they could bet on it for the 1st time ever.....

Guess we’ll never know, Over the Air. Don’t hold your breath for the RA to enquire either as they just another branch of the Operators. Phumelela don’t respond to ABC so no go there either. By right what should happen is that the RA, who are supposed to ask about these matters and keep a check on owners’ rights and Phumelela’s obligations towards them and racing, and failing which, consider an approach to the Gambling Board and Phumelela’s obligations in regard to stakes and racing visuals broadcast. In the meantime the capture continues unabated despite the Jooste withdrawal.

I asked a person very involved with Phum and the reply was "I have no idea
if commission is received at all"
What about the Gold Circle accounts?
Do they reflect anything about their share of the co-mingeling?
What purpose does the bank in the Isle of Wight play
Are they avoiding taxes?
Or does the money just vanish?
Shades of the ANC!!!