Online race betting company TopBetta Holdings Ltd (ASX:TBH), Australia’s first fantasy wagering company to be listed on the ASX, signed an agreement to make a strategic investment in the Australian wagering technology company, Modern Wagering Systems Pvt Ltd (MWS).
TopBetta is chaired by former Seven West Media executive Nick Chan.
The deal includes TopBetta being issued 12.5% of the shares in MWS for $250,000 with an option to increase the stake in the future.
As part of the agreement, TopBetta will be appointed as the exclusive wholesale distributor of MWS’s newly developed pooled betting product on global sporting contests.
In February 2016, TopBetta announced an advertising deal worth $1 million across 140 websites of Fairfax Media’s (ASX:FXJ) Australian Community Media division to promote fantasy tournaments.
Fairfax Media claims 3.4 million readers and a circulation of 2.1 million providing a strong growth platform for TopBetta.
TopBetta commenced trading on the ASX in December 2015 after raising $6 million from an initial public offering.
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