Australia’s TopBetta Holdings Ltd has received firm commitments to raise AU$1 million to fund the development of its global betting platform. The firm was able to do so via a placement of shares at AU$0.285 each to trusted investors.
Funds received will be used primarily for working capital and to strengthen future cash flow obligations. The move comes after TopBetta last month revealed 95% year-on-year revenue growth for the second quarter.
The company’s Global Tote system enables wagering operators, including corporate bookmakers and tote operators from all over the world, to participate in a global pool. In December 2017, The Global Tote revealed a deal with the official UK tote operator Totepool Alderney Limited.
Totepool is currently integrated into more than 9000 betting shops in the UK and Ireland, as well as 5000 outside of the UK, and is on some of the world’s biggest betting sites such as Betfred, Betfair and Paddy Power.
Last month, The Global Tote executed a licence agreement with global wagering market technology company, International Racing Data Limited.
The deal covers all thoroughbred, harness and greyhound events, and will initially concentrate on all forms of Australian racing to accompany the distribution deals that The Global Tote already has in place.