BUSINESS

Australia’s TopBetta enters US market with 2 new licenses

TAGs: Australia, Todd Buckingham, TopBetta, United States

Aussie sports betting operator TopBetta is setting foot in the United States.

Australia’s TopBetta enters US market with 2 new licensesOn Monday, the Australian Stock Exchange-listed company announced that its two subsidiaries—TopBetta Pty and The Global Tote—have been granted operational licenses in the United States.

Alderney-based Global Tote has received licensing approval to operate an international tote in the US. The license, according to TopBetta, will allow U.S.-licensed wagering operators to access global pools provided by The Global Tote, as long as the operators have the approvals from relevant racing bodies to offer betting on their racing content.

Meanwhile, the North Dakota Racing Commission has awarded an Advance-Deposit Wagering license to TopBetta, which will allow the company to offer pari-mutuel betting to the U.S. public within the 35 U.S. states, where the license applies and which currently allow online wagering.

The two licenses are conditional upon the U.S. Thoroughbred Racing Protection Bureau (TRFB) successfully completing further due diligence examination of TopBetta and its subsidiaries over the next 12 months, according to the company.

“The U.S. market is exciting for both our wholesale and retail divisions, especially as we see it as under-developed and with huge potential,” TopBetta CEO Todd Buckingham said in a statement, noting that the “off-course online wagering market is growing rapidly,” accounting for more than 25% of all wagers on U.S. racing.

The announcement comes several weeks after the sports betting operator received licenses for both TopBetta Pty and The Global Tote to operate in the United Kingdom.

The UK license for TopBetta allows the company “to provide facilities for real event betting,” while the license for The Global Tote allows it “to manufacture, supply, install or adapt gambling software” as well as “to provide facilities for pool betting.”

The licenses, according to the Australian company, will allow TopBetta to launch its retail business, and the Global Tote to launch its wholesale B2B platform into the UK market.

“This has been an extensive process that has taken almost 12 months to complete and we are excited about the opportunities in the UK jurisdictions, in particular for The Global Tote product, which is licensed in the British Isles and operated through our Sri Lankan office,” Buckingham said.

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