Todd Buckingham
Updating the market, Australia ASX-listed online bookmaker TopBetta Holdings Limited (TopBetta) has agreed to acquire racing specialist bookmaker Mad Bookie Pty.
TopBetta governance detailed that the deal would defer payment of the purchase price until after the first 12 months, which will allow the TopBetta business to maintain cash flows over the initial period.
Seeking to expand its profile within Australian racing, TopBetta will takeover all assets of Melbourne-based Mad Bookie., including its +15,000 player database of Mad Bookie, its partnerships and IPs.
Racing specialist Mad Bookie has been established for 2 years with annualised turnover of AUS $80 Million, which TopBetta governance states will contribute directly to corporate performance.
Updating investors, Todd Buckingham TopBetta CEO commented on the deal: “The acquisition of Mad Bookie has the potential to quickly and substantially increase turnover for TopBetta’s retail business while adding significant revenues due to higher yields and cost savings through aligning the synergies between the businesses.
“To acquire a ready-made, active database like Mad Bookie’s under this arrangement makes a lot of sense in an industry that has high customer acquisition costs, and we will certainly be on the lookout for similar deals should they arise in the future, both here in Australia and Internationally.”
TopBetta governance informed that it will retain Mad Bookie key staff members and Founder and CEO Brett Luntz for the initial earn-out period.
“We are delighted to be joining the TopBetta group. We believe that the baseline we have set up for our loyal customer base over the past 24 months will be further enhanced through this acquisition and the synergies it delivers. We couldn’t be more excited.” Brett Luntz commented
Source: SBC News
