Re:Gold Circle - LETTER OF INTENT - African Betting Clan

Greg_Bortz
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Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago

Hi

Replying to the following question asked: "With this in mind, what is the mindset from Hollywood/Bortz going forward in regards to the open bet ?"

Ok, I have spoken about the Open Bet a lot. It is clear that the Tote (Operators) got hurt by the Open Bet. No question. But this is behind us now - it is a settled matter of law. There is no going back and unwringing the bell. The Tote has been killed for two main reasons: (i) failure to innovate and (ii) the Open Bet.

I partnered with Hollywoodbets for a number of reasons, but a key one being their willingness to invest their winnings off of Cape Racing back into Cape Racing. That is not just the open bet, but their fixed odds winnings too. The logic being - (i) we (the Operator) is spending massive money on boosting racing in the Cape (stakes, incentives, upgrades etc.) (ii) this is boosting interest in our product (iii) this is boosting field sizes and betting turnover (iv) yet the betting turnover is going to the bookmakers (not the Tote), who are benefitting from the Operator's investments.

Hollywoodbets are simply doing the right thing for the game - they are taking their profits from Cape Racing and reinvesting it. Why? Because Owen is a legend. The end. So when I see certain people posting "#openbetmustfall", and similar rhetoric, I shrug and ignore it. I would love the open bet to disappear, and in that way ALL bookmakers are giving back to the sport. However, at least I feel good that the biggest one, Hollywoodbets, is giving back. Giving it all back. People don't seem to realise or appreciate it. There are certainly other bookmakers that SPONSOR racing and advertise heavily, and give minor money here and there to certain philanthropic initiatives (all of which have their name attached to it), but there is no one, bar Owen, Mary and myself funding the LOSSES. The pure unadulterated losses with zero brand building or upside associated with it. The point being - I am ok with the Open Bet provided the beneficiaries of the open bet do their part. Right now, only Hollywoodbets, in my humble opinion, is doing this. Hopefully others will follow in due course.

The following user(s) said Thank You: Craig Eudey

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Greg_Bortz
Junior Member
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Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864325

Mac

This horse has given me so much joy and so much anxiety, all at once! I know you won't believe me, but I swear he is one of the most talented horses in the country. It is a shocker he has only won one group one. And as we all know, it is because the horse is an absolute headcase! He is his own worst enemy.

If he feels like it, and behaves, the mile is no issue. Just look at the replay of the Concord Stakes from last year (I think that is the name?). He should win on his coconut. the problem is, his coconut is filled with coconuts!!! So I cannot give you any confidence!

But this definitely a prep run, so you can't back him. But I would not leave him out!!!!!!!

The following user(s) said Thank You: Mac, Craig Eudey

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Sammy Silver
Platinum Member
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Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864326

Greg_Bortz wrote:

Sammy, there is no one in the queue! Gold Circle publicly stated that they were bleeding to death. There is no one putting their hands up to fund losses for no return. No business person would do so. Only some sickos who are mad for racing!

Regardless, the decision is to be made by the MEMBERS, not the board. Every member has a vote. If members believe there are ANY alternatives out there (let alone a better alternative), they simply need to vote NO.

I can assure you I am not lobbying for anyone's vote or support. If members decide not to support our buyout, it will come as a relief! I have enough stuff on my plate to keep me busy. And my kids will be happy that I didn't squander more of their money on the horse industry!

Mark my words - you have them in black & white: no one coming in to Gold Circle will make money from racing in KZN. The end. This is an effort to be philanthropic. If our money and my time isn't wanted or needed, no worries at all. I just want racing in KZN to survive - it has the potential to be world class! Its fan base is the most passionate in the world. It deserves to survive.

Have a good one.

Greg

Greg thank you for the response. If you deal gets the go-ahead, please get rid of the deadwood that have run this ship to ground. This includes the current CEO, who has been there for ages!!!

Bring in young and vibrant people e.g. Justin Vermaak to run this business. Even Sheldon Peters or Dees Dayanand have potentail to be more than a commentator/presenter. They have a real enthusiasm for the game.

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Dave Scott
Administrator
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Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864327

Greg_Bortz wrote:

Hi

Replying to the following question asked: "With this in mind, what is the mindset from Hollywood/Bortz going forward in regards to the open bet ?"

Ok, I have spoken about the Open Bet a lot. It is clear that the Tote (Operators) got hurt by the Open Bet. No question. But this is behind us now - it is a settled matter of law. There is no going back and unwringing the bell. The Tote has been killed for two main reasons: (i) failure to innovate and (ii) the Open Bet.

I partnered with Hollywoodbets for a number of reasons, but a key one being their willingness to invest their winnings off of Cape Racing back into Cape Racing. That is not just the open bet, but their fixed odds winnings too. The logic being - (i) we (the Operator) is spending massive money on boosting racing in the Cape (stakes, incentives, upgrades etc.) (ii) this is boosting interest in our product (iii) this is boosting field sizes and betting turnover (iv) yet the betting turnover is going to the bookmakers (not the Tote), who are benefitting from the Operator's investments.

Hollywoodbets are simply doing the right thing for the game - they are taking their profits from Cape Racing and reinvesting it. Why? Because Owen is a legend. The end. So when I see certain people posting "#openbetmustfall", and similar rhetoric, I shrug and ignore it. I would love the open bet to disappear, and in that way ALL bookmakers are giving back to the sport. However, at least I feel good that the biggest one, Hollywoodbets, is giving back. Giving it all back. People don't seem to realise or appreciate it. There are certainly other bookmakers that SPONSOR racing and advertise heavily, and give minor money here and there to certain philanthropic initiatives (all of which have their name attached to it), but there is no one, bar Owen, Mary and myself funding the LOSSES. The pure unadulterated losses with zero brand building or upside associated with it. The point being - I am ok with the Open Bet provided the beneficiaries of the open bet do their part. Right now, only Hollywoodbets, in my humble opinion, is doing this. Hopefully others will follow in due course.

Thanks again for reply and your contribution to racing, WSB also deserve a mention for giving back👏👏

All the best with POMP it certainly can run when in the mood, WITHOUT QUESTION 😉

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Thor
Platinum Member
Posts: 2783
Thanks: 468

Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864328

I welcome the innovation at the tote. Let's see what magic you can work.

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LSU
Premium Member
Posts: 568
Thanks: 145

Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864333

I would not bet against the tote becoming profitable again and racing being more to completely self sustaining in future.

The work done by Hollywoodbets, Greg Bortz as well as other bookmakers who are passionate about racing are buying time for the sport to turn it's fortunes around, and it is so refreshing to see and should be treasured by all who loves racing and those earning a living from it.

The tote, as a platform and pooling concept, is still the fairest way for punters to be rewarded for their involvement and offers an affordable entry point into the world of racing.

I developed a tote product called Scoreline 12 years ago, a contest based offering that recognised the need to have winners on each occasion as it guarantees a payout daily. Today we see the value and excitement of contests like the one offered by Hollywoodbets and more recently 4Racing as well as ABC's very own events. Scoreline has undergone many improvements and tweaks to ensure the best experience for participants and to showcase racing in the best possible way for repeat and long term involvement.

A lack of product innovation has long been the downfall of racing and things could have been very different if racing had a clear vision and a plan backed up by quality offerings to get it there.

It's never too late though when there are benefactors willing to inject cash and passion into the business as can be seen by the involvement of those mentioned earlier.

Racing has an exciting future if new ideas would be given the support that it deserves to take the sport forward in ways that were previously unimaginable due to outdated thinking and a lack of funding.

Well done to the Heffer's and Greg Bortz for tackling a currently unprofitable but o such noble pursuit.

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Ash2Ash
Senior Member
Posts: 100
Thanks: 23

Re: Gold Circle - LETTER OF INTENT

2 years 1 month ago - 2 years 1 month ago

#864334

Hi Greg,

Your response and willingness to engage is noted with thanks. My original response above was not intended in any way to question your bona fides. It goes without saying that what you and your team have achieved for Cape Racing is such a short space of time is remarkable.

My criticism is not levelled against either of the bidders. It merely questioned the Gold Circle Board’s conduct based on the content of their announcement. In the absence of a Board demonstrating that they have discharged their fiduciary responsibilities and diligently applied their skills and expertise to the offer received, it opens the doors for criticism on the grounds that the processes followed lacked competitive bidding and seemingly a questionable evaluation process that lacks robustness.

I will not be complimenting a Board on their speed in processing an offer in 2 weeks when they lacked a sense of urgency, accountability and innovation for well over a decade.

Having read the announcement, it is not baseless to express a view that this board of directors may be compromised, irrespective of whether competencies are lacking or not.

Good luck with winning the HB Dundee July.

Does Justin have a satellite yard in Dundee also.

Last edit: 2 years 1 month ago by Ash2Ash.

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Mac
Platinum Member
Posts: 12013
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Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864347

Greg - you’re a sport.

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naresh
Platinum Member
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Thanks: 1497

Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864357

Thank you for your responses Mr Bortz. Its appreciated.

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Over the Air
Platinum Member
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Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864458

I have a simple question for Greg Bortz. If the legend that is Owen Hefer - in your opinion - takes nothing out of the open bet, why does he simply not put all open bets taken on the Hollywood platform through the tote? If he had done this over the years, and given the operators their fair slice of the cake, perhaps he would still be a bookmaker and not an operator/bookmaker? There are three major problems in SA racing:

1. An inefficient regulator
2. An inefficient tote stemming from mismanagement and weak leadership
3. Bookmakers who are effectively parasites and make insufficient contributions to the sport.

I have no issue with you wanting to dominate the supply chain of racing. Let's not romanticize things. These are business decisions being taken.

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Mac
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Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864459

but we can play the Tote on HWB.

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Muhtiman
Platinum Member
Posts: 8932
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Re: Re:Gold Circle - LETTER OF INTENT

2 years 1 month ago

#864461

Mac wrote:

but we can play the Tote on HWB.

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.....although I am persona non grata there.....yes you can as they have an option on their betting site.....and assume it goes into the TABgold kitty....