Western Cape Pick Six Turnover, collapses 29% year on year

I will cede ground that the HW and WSB are funding more of the stakes pot. And there intervention withe sponsorship/Syndicates in critical to the survival. Slack/openheimer daughters keep the stucture working was also critical. Buuttt

The Bookies use the tote to create the exotic pools and final winning value or Carryover value. If that is correct they are creating a parellel market for each pool but not synced with the tote pool.
When i worked for a bookie in the late eighties, we would take Pick 6 bets from the bigger punters, but we had a lady would then place the same bet on the tote to cover the risk if the bet actually won.
How are the bookies covering the risk if they are not covering a winning P6 on the tote??

The tote takeout is no longer enough to fund the stakes pot, but let's be honest, we are not Dubai with bottomless subsidies.
The gambling rand is still very much need to fund this sport.
Would the benefactors still fund the sport if there was no gambling ? Maybe their passion will keep them interested but for how long?
 

To answer Sly’s question
They get a built in profit margin equal to the exotic pool takeout- 16%-20%.  this is in line with their margins on fixed odds.
They also impose payout limits which protects against the occasional lucky punter who catches a big one multiple times Then they pocket big profits whenever there is a carryover result, which these days with so many handicaps in the pick6 is  frequent.
Furthermore the big bookies have massive turnover and profits these days so are well within their risk appetite when standing the open bets, particularly as the tote pools and hence the possible max payout are quite modest compared with a few years ago.
The punters who play the open bet with bookies may believe themselves to be more successful players than the ones who bet on the tote, but that is clearly nonsense as the bookies continue to profit from the open bet.
There is a point where the tote pools become too small and the exotics fall away, thus killing the goose. It would make sense for the bookies who now run the sport to pass on at least a portion of their open bets to the tote to keep the tote pools at a level where the exotics can survive.
A derivative market needs a viable underlying market or it too falls away.

Thank U Peter.

I, for one, don't believe that the punters of horse racing and soccer are insignificant. It seems to be an opinion that is being pushed without total transparency. 

Who is playing the on-line casino games??? The easiest way to get customers are those already punting horses and soccer..... makes sense then to keep horseracing going then.

If horseracing is dying why does the new company Lucky Fish choose to sponsor and advertise in horseracing??? The on-line casino market is cluttered with general advertising in traditional channels. With horseracing and soccer bets, you have customers already there....

i have not taken a P6 in months and will not until there is stability on the Tote. Day in and day out we watch horses at 3/1 paying R11 on the Tote 5 min before the off only to pay R2,30. Who is placing the large late bets? 

we watch a 10/1 drift late on the books to 20/1 and pay R9 on the Tote... 

I have zero confidence 
 

The whole setup is insanity and has been since 2006 when the bookies won the right to place the open bet.  This bet is a cash cow for the bookies and billions have been pocketed by them laying this bet. Think about your betting on the tote, you loose 90% of the time. There is no downside ,just profitfor the layers of the open bet. And now we have handicap maidens which are essentially the same as MR. handicaps so it is even more difficult to find winners
 This is not by mistake but by design to milk more money on the open bet.
They are seen as saviours of racing when in reality they have got extremely rich from raping our sport!! 
Any one want to debate this on Winning Ways YouTube is welcome.