The BetMakers Holdings Limited announces an update on PlayUp Deal

  • Jan 17, 2019 AEDT
  • Team Kalkine
The BetMakers Holdings Limited announces an update on PlayUp Deal

The BetMakers Holdings Limited (ASX: TBH) board has new information for the market in context to the transaction of TopBetta Pty Ltd (“TopBetta”) and the related TopBetta and MadBookie retail brands to PlayUp Australia Pty Limited (“Playup”). PlayUp has committed to pay the outstanding sum of $1.75M in two parts. The company has confirmed that the amount of $750k has been received by 17th January 2019. The other $1Mil is to be paid by 29th January 2019. 

The statement released by The BetMakers Holdings on 14th November 2018 stated that its exclusively owned subsidiary, global betting Services Pty Ltd (GBS) has signed the business with WHG (WHG Agreement) to give a worldwide racing solution for William Hill UK both retail and online and its B2B consumers all over the UK and US.

According to an update by The BetMakers Holdings on 2nd October 2018, PlayUp received an ADW license when it acquired TopBetta as its subsidiary. Further PlayUp also updated about their acquisition of 123 Bet which is well-known online wagering operating with a license to function in 35 states across the US. Todd Buckingham, the CEO of the BetMakers, said that it was great to collaborate with PlayUp as they were proceeding towards the global market. He further stated that they had launched their “Free to Play” site, PlayUpBet and to expand the association into the US market through their wagering operations was thrilling.

According to the annual report released on 30th June 2018 by The BetMakers Holdings gave the review of their operations in which they stated that the loss for the group after providing for income tax amounted to $5, 976,540 (30 June 2017: $7,618,257).

The loss incorporated a non-recurring goodwill impairment expense of $1,144, 385 (2017: $1, 802, 453) and an earn-out reversal of $1, 144, 385 (2017: Nil). Hence, the loss from on-going operations post-tax for the year rose to $314, 992 (30 June 2017, loss of $5,499, 823). The group profited on disposal of assets from TopBetta Pty Ltd and assets related to MadBookie of $4,277,727.

There were some prominent changes in the state of affairs in the organization, on 21st July 2017 the company had announced about receiving a license to offer The Globe Tote and the TopBetta retail offering into the UK market. On 14th August 2017, the company made another announcement of obtaining a license to provide The Globe Tote and the TopBetta retail offerings into the US market. On 25 June 2018, the company took a new name as The BetMakers Holdings Limited. On 30th June 2018, the company finalized the transaction to PlayUp Australia Pty Limited (PlayUp) of 100 % of the shares in the company’s fully-owned subsidiary, TopBetta Pty Limited (“TopBetta”) and the associated retails assets, TopBetta and MadBookie.

As per an update on 10th December 2018, The BetMakers Holdings acquired the Dynamic Odds (DO) business.  On 9th August and 29th August 2018, the company has made an update about the second installment payment of $1Mil being paid as part of the deal and the transfer of relevant share documents. TBH is up by 6% and closed at a market price of $0.053 as at January 17, 2019.


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