Aussie online sports betting company reports good Q3-2017 performance
News on 5 Oct 2017
News on 5 Oct 2017
Australian online sportsbook operator TopBetta Holdings has posted its Q3-2017 results, highlighting:
* Strong quarterly wagering and tournament turnover of A$54.62 million, up 29 percent on the June 2017 quarter, and up 353 percent year-on-year;
* Revenue of A$3.34 million, up by 46 percent on the June 2017 quarter;
* Increase in Active Users to 10,904 up by 20 percent on the June 2017 quarter
TopBetta CEO, Todd Buckingham reported:
“It’s been a busy quarter for the company and we are pleased with the results that have been generated. Some of the key metrics for the quarter were to achieve licencing in the UK and the US while rolling out The Global Tote product on international racing. We were able to accomplish this while still achieving strong growth within our retail wagering business.”
Q3 was the second period of TopBetta reporting to include revenues from its wholly-owned subsidiary The Global Tote Ltd’s B2B product Global Tote, which has continued to increase coverage on Australian and international race meetings for approved bookmakers.
Global Tote turnover for the quarter totalled A$22.58 million (up from A$8.96 million the previous quarter).
During the quarter TopBetta received licences to operate in both the US and the UK. The UK licence for TopBetta allows the company “to provide facilities for real event betting”, and the licence for The Global Tote allows it “to manufacture, supply, install or adapt gambling software; to provide facilities for pool betting”.
The US licence allows US-licenced wagering operators to access global pools provided by The Global Tote (subject to the US wagering operators individually receiving approvals from relevant racing bodies to offer betting on their racing content).
TopBetta Pty Ltd was also granted an Advance-Deposit Wagering licence by the North Dakota Racing Commission which allows TopBetta to offer pari-mutuel betting to the US public within the 35 US states to which the ADW applies and which currently allow online wagering.
The licences received from both the US and the UK now allow the company to launch the retail TopBetta business, and The Global Tote Limited to launch its wholesale B2B platform, The Global Tote, into these markets, and the company expects to go live in both the US and the UK in the first quarter of calendar year 2018.
TopBetta boasts proprietary technology platforms that combine an online racing and sports wagering offering with a fantasy wagering platform and enables sports fans to compete against each other via online tournaments.
Two months ago, the company announced that it had completed a placement of 21,445,681 fully paid ordinary shares to raise A$9,007,186.02 (see previous reports).
