TopBetta Holdings Ltd (ASX:TBH) has received firm commitments to raise $1 million via a placement of shares at $0.285 each to sophisticated and institutional investors.
Funds received will be used primarily for working capital and to strengthen TopBetta’s future cash flow obligations.
The company’s Global Tote is a system which enables wagering operators, including corporate bookmakers and tote operators from all over the world to participate in a global pool.
Turnover uplift of 95% vs the last quarter
New deal with UK tote operator
In December 2017, The Global Tote revealed a deal with the official UK tote operator Totepool Alderney Limited.
The deal will allow UK wagering operators to offer punters access to Global Tote pools on Australasian racing for the first time via the Totepool platform.
Totepool is currently integrated into more than 9,000 betting shops in the UK and Ireland, as well as 5,000 outside of the UK, and is on some of the world’s biggest betting company websites such as Betfred, Betfair, Skybet and Paddy Power.
Betting on thoroughbred, harness and greyhound events
Last month, The Global Tote executed a licence agreement with global wagering market technology company, International Racing Data Limited.
The deal covers all thoroughbred, harness and greyhound events, and will initially concentrate on all forms of Australian racing to accompany the distribution deals that The Global Tote already has in place.