Australian wagering and fantasy sports operator TopBetta is set to list on the Australian Securities Exchange (ASX) as its seeks to raise between AUS $5 – $7 million in investment.
The company has targeted a September listing, as it seeks to fund its expansion within the burgeoning Australian online betting market. TopBetta governance stated that it would use its hybrid business model of fantasy sports and sports betting to differentiate itself from a crowded market place.
The operator led by former rugby league player-manager Todd Buckingham CEO, gave insight into its performance which has seen earnings jump tenfold to AUS $100,000 per month. Furthermore the TopBetta platform currently processes over $1 million in wagers per month.
Buckingham detailed expansion plans to Australian news sources, stating the investment would be used to increase marketing coverage and strengthen the firm’s development capabilities.
“By mid next year is a real target for us. We’re close to profitability now if we don’t do any marketing but you can’t grow if you don’t do any marketing,” Buckingham said.
At present TopBetta governance is seeking an IPO market capitalisation of between AUS $15.2 to $17.2 million. The company will look to sell 33% of its shares in its ASX listing.