Skip to main content

how exactly do you send a lottery company broke?

I haven't followed this whole story, but this really is bizarre. A proper lotteries company with a local monopoly should be a licence to print money....

Sazka board declares insolvency

Prague, March 22 (CTK) - The board of Czech lottery operator Sazka said the company is in insolvency and asked its chairman Ales Husak to file an insolvency petition on the firm or join the previous one filed by deputy chairman Roman Jecminek, server iHNed.cz said yesterday.



Surely there's more to this than meets the eye...

Comments

  1. quite complicated story, which would be very good inspiration for michael-lewis-style novel :). basically, sazka has invested to build multifunctional stadium in prague, which was highly needed for ice hockey WC 2004. under time pressure and czech cleptomania hands, direct expenses grow approx. 4times and this debt is killing "licence to print money".

    ReplyDelete
  2. Ah, many thanks for that. I knew the reasons had to be more than just a bad business plan. Hopefully enough of that story is available in English for me to find it later.

    ReplyDelete

Post a Comment

Thanks for your comments, but if you're a spammer, you've just wasted your time - it won't get posted.

Popular posts from this blog

It's all gone Pete Tong at Betfair!

The Christmas Hurdle from Leopardstown, a good Grade 2 race during the holiday period. But now it will go into history as the race which brought Betfair down. Over £21m at odds of 29 available on Voler La Vedette in-running - that's a potential liability of over £500m. You might think that's a bit suspicious, something's fishy, especially with the horse starting at a Betfair SP of 2.96. Well, this wasn't a horse being stopped by a jockey either - the bloody horse won! Look at what was matched at 29. Split that in half and multiply by 28 for the actual liability for the layer(s). (Matched amounts always shown as double the backers' stake, never counts the layers' risk). There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, natur

What shits me about match-fixing 'journalism'.

The anti-wagering media bandwagon has dozens of new members this week, all weighing in an industry they have absolutely no idea about. I'm all for getting the betting industry into the mainstream but it shits me no end when they roll out reports and celebrities who simply don't have a clue what they are talking about and don't bother to check basic facts which key arguments in their story. If this was the financial industry, making errors like this would have them in all sorts of trouble, but the same level of regulation doesn't apply because finance stock markets are supposedly all legitimate and serious, whereas sports betting is just a bit of fun for people who can never win in the long-term... according to the media. This week we have seen the sting by the Telegraph which, on the face of it, looks to be a tremendous piece of investigative work into fixing in English football. But the headlines around it are over-sensationalised yet again. Delroy Facey, a former pla

Racing has a Ponzi scheme - and the fallout will be enormous

When the term ' Ponzi scheme ' is mentioned these days, the names Bernard Madoff and Allen Stanford instantly spring to mind. The pair of them ran multi-billion dollar frauds (US$60bn and $8bn respectively) that destroyed the lives of thousands of investors who had put their life savings into a 'wonderful' investment strategy. How so many people were sucked into the scheme is baffling to those on the outside. The lifestyle, the sales pitch, the success stories of the early investors - I suppose it all adds up. So where does this link to racing you ask? A prominent Australian 'racing identity' this week has been reported to have lost access to a bank account with punters' club funds of $194m in it. Firstly - is there a worse term for anyone to be labelled with that 'racing identity'? It ALWAYS ends up meaning shonky crook! Secondly - who the hell has a punters' club with an active bankroll in the tens of millions? It simply can't be done. T