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South Africa's Gold Circle, Phumelela Gaming Accord on Track24 June 2002CAPE TOWN, South Africa – As reported by the South Africa Business Day: "The partnership agreement between racecourse operators Phumelela Gaming & Leisure and Gold Circle is still on track, although it has been slightly delayed, Phumelela said in a notice to the stock exchange on Friday. "The partnership agreement follows a commingling agreement signed on April 19 to combine the two companies' totalisator turnover to create bigger national betting pools. "…The significance of the commingling agreement is that until April 19 Phumelela and Gold Circle ran separate pools on all totalisator bets apart from exotic bet types such as Pick 6, which were commingled from December. "When the two companies combined systems they were able to offer punters much bigger payouts. "Increasing the size of payouts is critical to enable horse racing to compete effectively with lotteries and the casino industry. "…The commingling had taken longer than expected to introduce because of extensive testing of systems. The finalisation of the agreement with Gold Circle was now awaiting legal documents to be drafted, [Phumelela finance director Jim Tennant] said." |