BUSINESS

TopBetta revenue grows 400% in Q4

TAGs: Australia, Todd Buckingham, TopBetta

Australia-listed wagering company TopBetta Holdings Ltd. saw a four-fold increase in its total revenue in the fourth quarter of 2017, thanks to a robust retail business.

TopBetta revenue grows 400% in Q4In a regulatory filing, TopBetta reported that its total revenues leaped to AUD6.9 million (US$5.5 million) in October to December 2017 period, a 401 percent increase from AUD1.377 million ($1.1 million) in the same period one year earlier.

TopBetta’s Q4 revenues were also 95 percent higher than the AUD3.55 million ($2.87 million) it raked in during the previous quarter.

TopBetta’s managing director Todd Buckingham described the Q4 figures as “healthy revenue growth” that “slightly” exceeded the company’s expectations.

The Australian bookmaker attributed the revenue jump to the growth of Alderney-based subsidiary The Global Tote (Tote), and a positive quarterly period for its Australia-based retail platform.

Last month, TopBetta said its Tote division had signed an agreement with the Official UK Totepool for the distribution of pools to more than 10,000 UK and European betting shops and other global betting websites, such as Betfred, Betfair, Skybet and Paddy Power.

The agreement also paved the way for British bookmakers to offer punters Australasian racing for the first time. It was agreed that the Tote will get a 2 percent commission of the net pool distribution after payment of all applicable taxes, levies and racefield fees.

The company also brought its product offerings to the United States in December, allowing U.S.-based customers to punt on Australian thoroughbred, harness, and greyhound fixtures after the Tote sealed a distribution deal with US-based WatchandWager.com.

Data showed that TopBetta saw its number of active unique clients increase by 30 percent to 14,233 in the period.

“During the December quarter, the company generated $1.59m for Australian racing bodies through Race Fields fees and over $2.5m for the half year up until December 31, which would be a very pleasing result for the racing industry,” the company said.

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