A successful Spring Racing Carnival has seen Australia ASX-listed betting and fantasy sports operator TopBetta Holdings (TopBetta) report corporate wagering of AUS $14.5 million (£8.5 million) up 21% quarter on quarter.
Issuing a corporate update, TopBetta revealed that the company had seen an all-time 61% high in active player numbers during Q4 2016 (period ending 31 December). TopBetta governance pointed to the firm’s strategic marketing campaigns led during the Spring Racing Carnival (15 October – 5 November) a key period for Australian betting operators.
Increased wagering on its sports betting and fantasy sports products would see TopBetta report Q4 2016 betting revenues of AUS $1.3 million (£780,000).
Detailing further Q4 highlights, TopBetta governance would note that the firm had undertaken significant steps to increase its operational capacity, securing a further AUS $3 million raise in capital funding.
Furthermore, TopBetta has boosted its corporate services during the period signing Ladbrokes as the first partner to integrate its Global Tote product, to be launched in Q1 2017.
Closing a busy Q4 quarter TopBetta CEO Todd Buckingham, commented on company performance; “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.”