Updating the market, Australian ASX-listed racing pools operator TopBetta Holdings has confirmed that it has raised AUS $9 million (€6 million) to expand its international services.
The funding round has seen TopBetta governance place an allotment of +21.4 million shares priced at 42 cents, with firm securing investment from ASX institutional investors.
Moving forward, TopBetta governance seeks to expand its B2B ‘Global Tote’ product for tier 1 US and European betting operators.
Launched in 2016, TopBetta’s Global Tote system enables betting partners to form larger ‘combined pools’ for horseracing events/competitions around the world.
In 2017, TopBetta announced Ladbrokes UK as its first Global Tote partner, furthermore the company would announce a ‘further milestone’ for its pools product having been granted licenses to operate for the US market.
Updating investors Todd Buckingham CEO of TopBetta commented on the funding round: “The Company is extremely pleased with the successful placement. It puts us in a great position to capitalise on the recently announced UK and US licences and to push forward on the retail side of TopBetta Pty Ltd’s business as well.”