TopBetta Holdings (ASX:TBH) has secured a commitment from one of Australia’s top punters to bet an estimated $200 million into its pooled wagering system, The Global Tote.
The Global Tote is system which enables wagering operators, including corporate bookmakers and tote operators from all over the world to participate in a global pool.
The new agreement will see Australian punter Sean Bartholomew bet an estimated $200 million into The Global Tote with respect to Australian races over the next 12 months.
The liquidity provided by this agreement would be a significant base for The Global Tote and TopBetta expects such liquidity to drive an increase in punter numbers and revenue.
In consideration for Sean Bartholomew’s services, the company has agreed to issue 2 million unquoted options exercisable at $0.20 within three years of the date of issue.
Each option is exercisable into one fully paid ordinary share in the capital of TopBetta.
It is expected that the new agreement will create higher liquidity levels for The Global Tote’s pool size and the highly competitive takeout rate that will attract further strong wagering by punters.
Last month, 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.