TopBetta’s shares have increased by a whopping 17.46% after striking a pool betting deal with Betfred’s UK Tote. This will allow some of the UK’s largest gambling operators to give their players access to Global Tote pools on Australasian horse racing via the Totepool platform.
The agreement between TopBetta and Totepool, the current exclusive operator of UK’s racing tote, commenced on January 1, 2018. The deal was also subject to approval from all stakeholder racing bodies prior to completion.
Betfred won the auction to purchase the previously Government owned Tote betting operation in a deal worth £265 million in June 2011. The deal gave Betfred exclusive control over the on-course betting system for seven years and also control of the 517 high street shops formerly owned by the Tote.
Under the agreement, The Global Tote, a wholly-owned subsidiary of TopBetta's sportsbook, will receive a commission of 2% of the net pool distribution after payment of taxes, levies and racefield fees. According to a recent release, The Global Tote works under a Category 2 eGambling B2B wagering license.
The betting license was granted by the UK’s Alderney Gambling Control Commission. Since it launched in May of 2017, it has fielded thousands of race meetings with turnover of more than $65m. TopBetta Holdings Ltd. Chief Executive Todd Buckingham said of the deal:
"This is a major international distribution deal for The Global Tote. UK racing wagering operators will now be able to offer punters access to bet into The Global Tote pools on Australasian racing. By growing liquidity in these pools, The Global Tote can grow turnover and revenue for both the company and its new wagering partners, as well as deliver Australian racing bodies a slice of the global racing revenue pie through race field fees that they are currently not collecting. It's an unprecedented opportunity for racing bodies to deliver their product onto global wagering platforms where, subject to their approval, they not only get a clip of every bet struck, but the agreements will also meet integrity standards that protect their product."
Betfred CCO Phil Siers commented:
"We are looking forward to integrating The Global Tote into Totepool's various distribution verticals including betting shops and our online and partner networks. We expect the integration work will begin in January and we aim to have punters in the UK able to access the pools in the first quarter of next year."
This represents another good move for TopBetta Holdings, who announced last summer that they had been granted licenses for both its TopBetta Pty and The Global Tote brand to operate in the US. The company continues to seek partnership and acquisition opportunities in both America and the UK.
As the Australian authorities continue to clamp down on nefarious online casino gambling across the country, the online sports betting market has seen a major rise in participation by Aussies. According to the annual Australian Gambling Statistics report, sports betting improved 13% curing the most recent period of accounting.
Adding in the increase of money spent on sports betting, the total income generated from bookies across the country during that time equaled $920 million. TopBetta, well aware of the major uptick, is gladly capitalizing on the opportunity with deals like the totepool agreement set to improve the experience they offer!