WAGERING AND TOURNAMENT TURNOVER UP 21% QUARTER-ON-QUARTER
Quarterly Report and Appendix 4C
Sydney, Jan 30, 2017 AEST (ABN Newswire) - The Board of TopBetta Holdings Limited (
ASX:TBH) ("TopBetta" or the "Company") is pleased to provide the following update on the Company's activities for the quarter ended 31 December 2016.
Highlights:
- Active unique clients increased by 61% on the back of effective marketing campaigns over the Spring Carnival
- Wagering and tournament turnover grew quarter on quarter by 21% to ~$14.5M
- Wagering and tournament betting revenue grew quarter on quarter by 13% to ~$1.3M
- 1,791 Racing and Sports Tournaments held during the quarter
- Successful capital raise of $3M closed at an 11% premium to the last trade
- Australian Racing bodies approve The Global Tote
- Ladbrokes signs on as first wagering operator to integrate The Global Tote
Active Users and Revenues
During the quarter the Company's Active Users1 increased by 61% for the quarter to the 8,730.
The Company has seen unaudited turnover and revenues which is outlined in the table in link below:
TopBetta's CEO, Todd Buckingham, said "While our core business has performed strongly in regard to Active Users and Turnover, our margins (Revenue) were impacted by some wagering products not performing well. With the anticipated release of The Global Tote, TopBetta expects to increase margins across all of its racing products.
Content and Other revenue has remained relatively flat while we have focused the Company's efforts on client acquisition for our retail business and also The Global Tote."
We are pleased with our client acquisition strategies through the Spring Racing Carnival which has seen a significant uplift in Active Users and the team continued to make significant improvements to our user interface and user experience."
Successful placement and issue of shares
On 30 November, the Company completed the issue and allotment of 15,000,000 fully paid ordinary shares (Placement) to raise $3 million (before costs) at 20 cents per share from sophisticated and institutional investors.
(1) TopBetta defines an "Active User" to be a customer who has transacted with the business in cash during the quarter (ie place a bet, entered a tournament or purchased a premium product).
The Placement was completed at a share price which was at an 11% premium to the last traded share price. This allowed the Company to strengthen the Company's balance sheet and better position TopBetta to fast track the launch of The Global Tote.
The Global Tote
During the quarter, the Company announced that The Global Tote Limited had received approvals from Racing NSW in respect of NSW thoroughbred racing, Greyhound Racing Victoria and Racing Queensland (including racing, harness and greyhounds), Racing Victoria for thoroughbred racing, and Canberra Racing Club for thoroughbred, harness and greyhound racing.
On 1 December, the Company announced that corporate bookmaker Ladbrokes.com.au, the Australian subsidiary for the UK parent and world wagering leader Ladbrokes Coral Group plc., signed on as the first wagering operator to commit to using The Global Tote. The new deal allows Ladbrokes.com.au to offer its punters The Global Tote odds as an alternative to existing tote derivative products subject to integration works being completed and regulatory approvals being received.
TopBetta's CEO, Todd Buckingham, said: "It has certainly been a busy quarter again for the Company achieving some key milestones and continued growth post the Spring Racing Carnival." After getting through these milestones, management believes that we are well positioned to leverage from these achievements not only from the current quarter but all the achievements since being listed on the ASX, a little more than 12 months ago."
We are looking forward to the next 12 months as we continue to innovate and produce unique products within the Global Wagering landscape."
To view the report with figures, please visit:
http://abnnewswire.net/lnk/0F24OI2U
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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