Educate The Punters. Vee Moodley clarifies the confusion
Phumelela Betting Executive Vee Moodley has reacted sharply to suggestions of conspiracy theories and vehemently rejected allusions to skullduggery, following the bizarre tote place betting moves on the fifth race at Scottsville today.
Speaking exclusively to the Sporting Post this evening, Moodley said that he felt that the matter of the huge tote pool that arose as a result of two large bets being struck via Tabcorp in Australia, was reason for celebration and excitement, rather than a time for cynicism and doubt.
Moodley said that questions had been raised from certain quarters about the minimum dividends, and said that he acknowledged that the dividends of 60 cents shown on Tabgold on the top two horses pre race odds was completely correct.
Moodley said that:
1.The 60 cents minimum indicated dividend at the jump was subsidised up to the R1 minimum guaranteed to SA punters.
2.This cost Saftote an amount of R5160 to subsidise SA punters on the place dividend payable on the 1 horse, Orange Blossom.
3.The amount transferred back to Tabcorp was based on the 60 cents dividend,and he said that the Australian authority paid their local winners in terms of their own policy.
4.In other words, there was no suggestion of manipulation, of money laundering or any other illegitimate practise and that the two bets had been struck by a punter at his own behest.
Moodley recalled the incident of Rocket Man that had the Singaporean Authorities changing their guaranteed R1,10 minimum dividend policy.
“At that time, If I remember correctly Rocket Man started at 1 to 7 and landed up paying a dividend of 40 cents. The whole of Singapore got on there and with the Singapore betting authority subsiding the difference, the system was quickly revisited.We are not exposed in this manner and I repeat again that we only guarantee a minimum dividend of R1 for bets struck by SA punters alone,” he said.
Moodley said that comingling and international betting partners was the future and he cited various jurisdictions that could contribute greatly to the betting experience and pool sizes locally.
“It is about embracing the participation of international pools, but also about educating our local players. There is nothing to be concerned about and I appreciate the passion and interest from our punters. But let’s keep to the facts and not speculate where no conspiracy exists,” he said.
Moodley said that he welcomed enquiries and comments and that his door was always open.
