In a blow to racehorse owners, prize money is set to fall substantially in November due to a drop in betting turnover and an ongoing tussle with Gauteng gambling authorities.

Phumelela Gaming & Leisure, one of the main horse racing operators in SA, said on Monday that it would slash prize money 13% due to a decline in tote revenue in the 2018/2019 racing season and the withholding of the Gauteng provincial levy.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.