AUSSIE ONLINE BETTING OPERATOR RAISES NEW CAPITAL
TopBetta has an additional A$2.6 million following funding drive.
The Australian publicly listed online betting operator TopBetta has raised A$2.6 million in a new funding drive share placement taken up by institutional investors.
14.5 million shares were placed at A$0.18, and the new capital will be used deploy marketing in order to grow the companys player base in an "aggressive" strategy.
CEO and founder Todd Buckingham reported in a trading update that since listing on the Australian Stock Exchange late 2015 the company has seen its player base rise to 5,900, generating more than A$11 million in revenues.
The company is engaged in obtaining Northern Territory licensing in order to offer multi-betting services.
Buckingham claims that online betting industry is achieving growth levels of 20 percent per annum, presumably in a reference to the Australian market.