The Vítek family has raised the basic capital of Turf Praha, a.s., and the old tradition of betting on races at Prague Velká Chuchle can continue

Press release 

The Vítek family has raised the basic capital of Turf Praha, a.s., and the old tradition of betting on races at Prague Velká Chuchle can continue

 

 Prague, 4 February 2019 – On the basis of a decision taken at the General meeting of Turf Praha a.s. on 11 December 2018, the obligation for new shares in an overall amount of CZK 65 090 000 [about EUR 2 500 000] has been paid off. The obligation was divided into two tranches, of CZK 45 750 000 and CZK 19 340 000. This increase in the basic capital was necessary due to the application for two new licences (for fixed odds betting, and for totalizator betting) for daughter association TOTO CZ, which under its trading name BETINO physically operates betting on horses in the Czech Republic. The basic capital of the association has been raised by the Vítek family, and none of the other shareholders has participated in raising the basic capital.

 

“The validity of the original licence ends on March 31st of this year. According to the new conditions, an applicant for a licence must have available the equivalent of EUR 2 000 000 in assets,” states Martin Pecka, Velká Chuchle racecourse manager and concurrently head of the TOTO CZ association. “We are very pleased that, thanks to the raised level of capitalization of Turf Praha, a.s. by more than 65 million crowns, the old tradition of betting has been preserved,” Martin Pecka adds.

 

Under its current trading name BETINO, the TOTO CZ betting office is preparing for this year not only to modernize the betting on races, but also to introduce a new marketing concept. In addition, intensive negotiations are taking place with a strategic partner in the field of electronic betting. The proceeds from betting are set aside for co-financing Czech horseracing.