Australian race wagering and sportsbetting technologies provider TopBetta Holdings Limited has announced that its TopBetta Proprietary Limited and The Global Tote Limited subsidiaries have each received operating licenses from authorities in the United States.
Sydney-headquartered TopBetta Holdings Limited stated that The Global Tote Limited has received licensing approval to operate an international tote in the United States. This authorization will allow the Alderney-based arm to provide global pools to approved licensed wagering operators subject to these firms being granted individual permissions to offer betting on their racing content.
For its part, TopBetta Proprietary Limited has been given an advance deposit wagering license by the North Dakota Racing Commission that will allow it to offer online parimutuel wagering services to punters in some 35 states. For those states not covered by this arrangement but that do offer some form of online wagering, TopBetta Holdings Limited declared that it intends to “seek individual approvals” in the future.
“This really completes the immediate regulatory requirements for The Global Tote [Limited] and gives the company the reach to leverage the business as a true global player in online wagering,” read a statement from Todd Buckingham, Chief Executive Officer for TopBetta Holdings Limited. “The United States market is exciting for both our wholesale and retail divisions, especially as we see it as under-developed and with huge potential.”
TopBetta Holdings Limited explained that both licenses remain conditional upon the Thoroughbred Racing Protection Bureau successfully completing further due diligence examinations. It proclaimed that this process should be finished within the next year as it does not anticipate “any complications arising from these investigations” and that it intends to commence operations in the United States “during the last half of 2017”.
“The wholesale [The] Global Tote [Limited] will work with existing advance deposit wagering [services] in the United States market as well as any major global wagering organizations trying to enter the United States market ahead of any regulatory changes that would allow sportsbetting,” read the statement from Buckingham. “Given the fact that the only online wagering currently allowed in the United States is betting on racing through parimutuel wagering, The Global Tote [Limited] is positioned perfectly to assist with those operators wanting to stay ahead of the market. The Global Tote [Limited] is also now well positioned to be able to assist with racing bodies globally looking to get access to the United States pool of customers. The off-course online wagering market is growing rapidly and now accounts for more than 25% of all wagers on United States racing.”
TopBetta Holdings Limited moreover revealed that it is looking for “partnership and acquisition opportunities” within the United States and United Kingdom markets and intends to “update the market” should any of these prospects materialize.
“Our [advance deposit wagering] retail license will allow TopBetta [Proprietary Limited] to enter the United States market, getting access to both high-end punters and recreational punters,” read the statement from Buckingham. “Competition in the advance deposit wagering space is presently limited however we see this changing over the next few years as global wagering operators look at avenues to enter the United States prior to any changes with sportsbetting regulation.”