THE GLOBAL TOTE SIGNS U.S. DISTRIBUTION DEAL WITH WATCHANDWAGER.COMSydney, Dec 27, 2017 AEST (ABN Newswire) - The Board of TopBetta Holdings Limited (ASX:TBH) ("TopBetta" or the "Company") is pleased to announce that its wholly-owned Alderney-based subsidiary, The Global Tote Limited ("The Global Tote"), has signed a deal that will allow US punters to access its pools on Australian racing for the first time.
- WatchandWager.com will become the first American distribution partner of The Global Tote's pools.
- North American punters will be able to access The Global Tote's pools on Australian thoroughbred, harness and greyhounds fixtures.
- Last calendar year WatchandWager.com processed over US$360M worth of wagers into pools around the globe.
- The Global Tote now has distribution agreements in place to offer pools in the UK and the US.
The Global Tote has entered into an agreement to with US company, WatchandWager.com LLC ("WatchandWager.com"), which provides pari-mutuel, or pool-betting, wagering services through a number of distribution channels to an international client base.
Under the terms of the deal, WatchandWager.com can provide The Global Tote pools on a non-exclusive basis on Australian racing, harness and greyhound meetings across its distribution network and Advance Deposit Wagering ("ADW") platform to punters across North America.
TopBetta CEO, Todd Buckingham, said:
"WatchandWager.com will become the first American distribution partner of The Global Tote's pools, bringing in both retail and sophisticated handle/turnover which is expected to create greater liquidity to The Global Tote's thoroughbred, harness and greyhound pools."
"Last year WatchandWager.com processed over US$360M worth of wagers into pools around the world, and now that existing customer base will have access to the full suite of The Global Tote products and pools."
"This deal is the result of much hard work and we are very excited to bring The Global Tote into the US via this new channel, which, again, we expect will also benefit Australian racing bodies with more race field fees via this new turnover."
The agreement with WatchandWager.com commences on 1 February 2018 for an initial term of 12 months (with successive further 12 month terms) and The Global Tote will receive 2% of the takeout from bets placed by WatchandWager.com with The Global Tote.
Technology integration work are expected to commence in CY Q1 2018 and The Global Tote pools are expected to be open in the US by CY Q2 2018. The agreement is subject to the usual approvals from racing and regulatory bodies.
WatchandWager.com President, Ed Comins, said:
"WatchandWager.com is currently the fourth largest ADW in the US. We believe this partnership with The Global Tote, offering new products and pools on Australian Racing, creates a great opportunity for WatchandWager.com to further increase our global racing handle via our network of sophisticated and recreational players."
About The Global Tote
The Global Tote Ltd is a wholly-owned subsidiary of TopBetta Holdings Ltd based in Alderney, UK. It operates under a Category2 eGambling B2B wagering license granted by the UK's Alderney Gambling Control Commission.
Since it launched in May, 2017, The Global Tote has fielded on more than 1300 race meetings with unaudited turnover of more than $65million and the product is currently used by multiple bookmakers in Australia. The Global Tote has also recently entered into an agreement with the Official UK Totepool, Totepool Alderney Limited, to give it the ability to distribute its pools through 10,000 plus UK and European betting shops and some of the world's top global wagering websites.
About Webis Holdings plc and WatchandWager.com
Webis Holdings plc is a holding company with subsidiaries operating in the gaming and technology sectors. The company is listed on the Alternative Investment Market in London and operates from offices based in Douglas, Isle of Man, Lexington, Kentucky and San Francisco Bay Area, California.
WatchandWager.com LLC has its operational base in Lexington, Kentucky, with its head office in San Francisco's Bay Area, California, and provides pari-mutuel, or pool-betting, wagering services through a number of distribution channels to a global client base. The company holds United States pari-mutuel licences for its ADW business in the US, namely a multi-jurisdictional licence issued by North Dakota and individual licenses in California, Kentucky and New York, as well as several other US States. The business provides wagering opportunities predominantly on horse and greyhound racing and has contracted with a significant number of prestigious racetrack partners within the United States, Hong Kong, Canada, United Kingdom, Ireland, Australia, South Africa and France, amongst others. It provides wagering facilities to customers through its website, watchandwager.com, and mobile product as well as offering a Business Trading product and a telephone call centre.
WatchandWager.com LLC also operates Cal Expo Harness Racetrack in Sacramento, California, under a licence issued by the California Horse Racing Board.
About Topbetta Holdings Ltd
The Company has built proprietary technology platforms that combine an online racing and sports wagering offering with a fantasy wagering platform and enables sports fans to compete against each other via online tournaments.
Topbetta Holdings Ltd