TopBetta raises $2.6 million for aggressive growth plans

Australia ASX-listed racing and fantasy sports operator TopBetta has confirmed that it has raised AUS $2.6 million (£1.5 million) through a share placement funded by a group of ‘sophisticated and institutional’ investors.

Placing 14.5 million shares at AUS $0.18, TopBetta governance will use the funds to implement an ‘aggressive growth’ strategy targeting customers during the key period of Spring Carnival and further promoting new products and services.

Issuing a market update, TopBetta revealed that since listing on the ASX in December 2015 the company has grown its active user base from 2882 to 5900 players, with + AUS $11 million generated in revenues.

Targeting aggressive expansion, TopBetta intends to complete its Northern Territory licence approval with the aim of launching ‘multi-betting’ services.

Led by CEO and Founder Todd Buckingham, the ASX operator declared that the Australian betting market was ready to be challenged by TopBetta services.

“With the online wagering industry growing at 20% each year, the market is ready to be innovated with little to no innovation experienced recently” read a corporate statement