In a press release recently sent out by TopBetta it was announced that they are about to be listed on the Australian Securities Exchange (ASX).
"The result has been phenomenal with many major corporate players keen to become shareholders in TopBetta, we could not have asked for a better result," Managing Director Todd Buckingham said. "For the past 12 months the team at TopBetta has been busy preparing itself for this moment and now we are set to go."
The sports betting site launched in 2010 and since then has been one of the most unique offerings on the Australian market, in part due to their growing betting tournament product which has offered six-figure prize pools.
TopBetta are clearly trying to launch this IPO through leveraging their huge growth over the last couple of years. According to their prospectus revenues have grow from $20,000 per month in July, 2014 to in excess of $100,000 per month currently from a turnover of around $1 million per month.
The key message prior to going public is that TopBetta's unique offering is a real point of difference that will allow them to take advantage of the growing fantasy sports markets. TopBetta have even reportedly had interest from US markets where Daily Fantasy Sports has grown into a billion-dollar industry.
"We went to the US to do some investigation into what the fantasy sports market was doing over there, to put our product in the frame and say 'this is what we're doing'," Buckingham said earlier this year. "We nearly got knocked over by companies that wanted to be involved from the US but we just weren't ready 12 months ago. We wanted to get some runs on the board here in Australia before we head overseas but it's definitely on our radar."
It appears as though a majority of funds raised will be through corporate investment in TopBetta with shares looking set to to be listed for 20 cents each and the aim is to raise $6 million. Owning shares in TopBetta not only includes their bookmaker and tournament products, it also includes their popular 'TopTippa' product and their social racing platform '12Follow'.
For those punters less interested in the IPO and more interested in what this will mean for the site in general, Buckingham had this to say:
"TopBetta will be able to offer more dynamic promotions that are tailored to your wants and needs that will stand TopBetta out as a truly unique social gaming experience. We have many ideas we want to put in place and we also listened to what you wanted on the site. Now we will be able to provide this new experience that takes TopBetta to another level. More tournaments, bigger cash pools, more sports from around the globe for you to enjoy!"
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