The BetMakers Holdings Ltd (ASX: TBH), formerly TopBetta Holdings Limited, revealed that the company had not received the final payment of $2 million from PlayUp which was due on 31 December 2018. The amount relates to the sale of TBH’s retail business TopBetta and Mad Bookie along with 100% of shares in TopBetta Pty Ltd to Australian entertainment website PlayUp Australia Pty Limited.
But the sale of BetMakers’ wholly owned subsidiary, TopBetta and its associated assets, TopBetta and Mad Bookie was completed on 30 June 2018, and PlayUp has taken over the running of the TopBetta and Mad Bookie businesses from 1 July 2018. However, TBH till reserves the right concerning the termination of the agreements.
In the announcement dated 2 January 2019, online racing and sports wagering company The BetMakers announced that PlayUp had not made the final payment yet. However, following the discussions with PlayUp, but BetMakers expects the settlement of $2 million final payment before the end of January 2019. The company also confirmed that PlayUp has agreed to make a part-payment of $250,000 today itself, i.e., 2 January 2019.
In April 2018, BetMakers inked the contract to divest its retail assets so that it could focus more on developing wholesale business and Global Tote. The B2B betting giant, The Global Tote, conducts the wholesale business of TBH which includes licensing and operating BetMakers’ wholesale tote product. Its license also enables TBH to provide the UK bookmakers with the Global Tote pools under which they can offer Australian racing to their UK based-clients.
The BetMakers is currently in the process of expanding its partnership with PlayUp to move into the global market. They have recently launched PlayUpBet, ‘Free-to-Play,’ as well as expansion into the US market through online wagering operations. In today’s announcement, TBH told that the expected launch of the Global Tote’s international racing pool for the United States operation of PlayUp is now scheduled to commence in the second quarter of the calendar year 2019.
Going forward, BetMakers targets to expands its wagering technology and distribution network into the international markets throughout 2019. During the 12-months ended 30 June 2018, the group incurred a net loss after tax of $5,976,540 compared to 2017’s loss of $7,618,257. Its net operating cash outflows in FY18 was $11,411,750, up from $6,132,317 in the previous corresponding period.
In today’s trading session, The BetMakers’ shares traded at lower levels as stock price dipped 1.961% or $0.001 to close at $0.050 on 2 January 2019. Moreover, in the past 12-months, TBH share price has massively fallen by 86.71% including a plunge of 13.56% over the past three months.
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