Australian online betting group TopBetta Holdings has announced that it has received commitments from institutional investors to raise A$1 million through a placement of its shares at A$0.285 each.
Management says that the proceeds of the placement will be used as working capital and to strengthen the company’s cash flow.
TopBetta’s The Global Tote offers a system that enables wagering operators, including corporate bookmakers and tote operators from all over the world to participate in a global pool.
Our readers may recall that in December last year The Global Tote signed a deal with UK tote pool operator Totepool Alderney Limited which allows 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 over 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.
In January this year, The Global Tote secured a licence agreement with global wagering market technology company, International Racing Data Limited which 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.