Aussie online betting operator raises new capital

The Australian publicly listed online betting operator TopBetta has raised A$2.6 million in a new funding drive share placement taken up by institutional investors.

14.5 million shares were placed at A$0.18, and the new capital will be used deploy marketing in order to grow the company’s player base in an “aggressive” strategy.

CEO and founder Todd Buckingham reported in a trading update that since listing on the Australian Stock Exchange late 2015 the company has seen its player base rise to 5,900, generating more than A$11 million in revenues.

The company is engaged in obtaining Northern Territory licensing in order to offer multi-betting services.

Buckingham claims that online betting industry is achieving growth levels of 20 percent per annum, presumably in a reference to the Australian market.

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