TOPBETTA HIGHS AND LOWS

But optimistic about future prospects.

Australian sports betting operator TopBetta’s latest quarterly report delivers a strong performance in its core business and a bullish outlook for the year ahead.

The company said, however, revenue had been impacted by certain underperforming wagering products, a situation it hopes to reverse with the anticipated release of The Global Tote product.

Key performance highlights for the three months ending December 31, 2016 include:

–    A 61 percent increase in active unique clients was attributed to effective marketing campaigns over the Spring Racing Carnival

–     Wagering and tournament turnover grew quarter on quarter by 21 percent to A$14.5 million

–     Wagering and tournament betting revenue grew quarter on quarter by 13 percent to A$ 1.3 million

–     Successful capital raise of A$3 million closed at an 11 percent premium to the last trade

"It has certainly been a busy quarter again for the Company achieving some key milestones and continued growth post the Spring Racing Carnival,” TopBetta's chief executive officer, Todd Buckingham, said. 

“After getting through these milestones, management believes that we are well positioned to leverage from these achievements not only from the current quarter but all the achievements since being listed on the ASX, a little more than 12 months ago."