TopBetta Holdings Ltd (ASX:TBH) has received commitments to raise $2.6 million in a share placement to global and domestic sophisticated and institutional investors.
TopBetta is a fast growing online betting website in Australia achieving 400% growth in the past 12 months.
The company is using its proprietary technology to take share from the global wagering market.
Funds from the placement of 14.5 million shares at $0.18 will be used to aggressively target customers over the spring racing carnival period and expedite the launch of new products.
Since listing on the ASX in December 2015, TopBetta has grown users to 5,945 from 2,882 and quarterly wagering turnover to $11.17 million from $3.80 million.
TopBetta intends to complete its Northern Territory licence approval and launch multi betting shortly.
With the online wagering industry growing at 20% each year, the market is ready to be innovated with little to no innovation experienced recently.
The company plans to launch Global Tote by October which will see the business expand globally.
TopBetta is chaired by former Seven West Media executive Nick Chan.
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