TopBetta Holdings (ASX:TBH) will accelerate its recently launched Global Tote product in Australia and across the world after receiving firm commitments to raise $1.5 million.
The company is raising the funds via a share placement to sophisticated and institutional investors at $0.16 per share.
The Global Tote product, the world’s first international wholesale tote, has launched and is now live as part of an initial roll-out phase.
The product is a pooled wagering system which enables wagering operators, including corporate bookmakers and tote operators from all over the world to participate in a global pool.
International thoroughbred racing fixtures and Greyhound races are the first pooled products with other racing and sports to follow.
The first week of the Global Tote platform has seen more than $700,000 turnover across 6 thoroughbred meetings and 6 greyhound fixtures.
Importantly, the feedback from punters using the TopBetta odds has been encouraging with turnover witnessing a significant uplift.
Last week, TopBetta completed the acquisition of the assets of online Australian corporate bookmaker Mad Bookie Pty Ltd, including its customer database and clients.
The acquisition has the potential to immediately accelerate the retail wagering side of TopBetta’s business.