TopBetta Holdings offloads B2C brands to focus on Global Tote business
TopBetta and MadBookie brands are the latest assets to be acquired by crypto-led operator PlayUp
TopBetta Holdings (TBH) has confirmed the AU$6m sale of its consumer-facing operations to crypto-led gaming and DFS firm PlayUp.
TBH said the sale would allow it to focus on its Global Tote B2B business.
The sale, which includes the TopBetta and MadBookie brands, marks PlayUp’s third major acquisition in the last week.
The firm also recently agreed deals for the DFS arm of Crownbet – Draftstars – and the Sydney-based operator ClassicBet.
As part of the TopBetta deal, PlayUp committed to issue TBH with 800 million of its cryptocurrency PlayChips, if and when TBH develops and launches a cryptocurrency tote product.
TBH will also continue to supply various risk management and technology services to the brands, whilst receiving 20% of the revenue from PlayUp’s current and future wagering revenues.
“This deal is a significant step for the company,” said TBH CEO, Todd Buckingham said.
“Not only does the $6M sale of the retail assets provide significant funding for TBH, but the ongoing services agreement and revenue share greatly reduces our cash burn while allowing us to focus on developing the existing wholesale and Global Tote business.”
“We have developed a full suite of wholesale wagering products that we can deliver to operators around the world. Now, with the more focussed business model on delivering new and innovative products to wagering operators, we believe we will be the wholesale provider of choice for operators when they consider their wagering platforms, odds and risk management systems and customer facing software.”
“We are excited by the ongoing relationship and opportunities with PlayUp which will complement our expansion strategy.”
PlayUp’s CEO, Daniel Simic added: “PlayUp is excited to be working with TBH and to have successfully secured the TopBetta & Mad Bookie retail businesses.”
“We believe TBH’s innovative wholesale products have the potential to be real game changers in the global wagering industry.”
PlayUp exploded onto the Australia gambling scene last week with two major deals, pledging to “acquire and roll up multiple Australian wagering and global fantasy sports businesses into a single group that is seeking to be dual listed on the ASX and NASDAQ”.
PlayUp said it will deliver “the world’s first fully-integrated, blockchain enabled global fantasy sports, online sports betting & gaming ecosystem”, based on its PlayChip cryptocurrency.