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Highlights
- IXUP Limited (IXU) raises funding to strengthen BetStop operations.
- The company expands its presence in Australia and Canada.
- Focus remains on innovative solutions for gambling reforms.
IXUP Limited (ASX:IXU), a nanocap company operating in the regulatory technology (RegTech) sector, has confirmed securing commitments to raise over $3 million. The funding aims to bolster its flagship initiative, BetStop, a national centralised self-exclusion register designed to promote responsible gambling. This announcement resulted in a 22% leap in IXUP's stock price, reaching 1.1 cents per share during Monday’s trading session in Sydney.
BetStop, managed by IXUP, is a government initiative backed by the Australian Communications and Media Authority (ACMA). It allows individuals to self-exclude from gambling activities, encouraging responsible behaviour. This program aligns with the government’s efforts to address gambling-related issues, marking a significant milestone for IXUP’s role in the sector.
Two major institutional investors participated in the placement, which was structured to support IXUP’s continued growth and innovation. The company plans to use the funds to strengthen its operations in Australia and further expand into international markets like Canada. IXUP has recently signed a deal in Canada to introduce similar solutions tailored for gambling reforms.
As part of its broader strategy, IXUP aims to advance its RegTech solutions in other developed nations. By leveraging technology, the company seeks to embed itself within regulatory frameworks addressing gambling-related challenges globally. This aligns with the growing trend of governments implementing stricter measures to curb gambling addiction and protect vulnerable communities.
IXUP’s chair, Julian Babarczy, emphasized the importance of the recent funding, stating that it would enable the company to build on its presence in key markets while working towards achieving financial stability by 2025. He also highlighted the company’s commitment to delivering transformative solutions that promote social responsibility and safeguard communities.
The Australian government’s endorsement of BetStop reflects its commitment to innovative tools for tackling social issues. IXUP’s involvement positions the company as a critical player in this space, aligning its goals with public interest initiatives.
With this funding round complete, IXUP is poised to continue its efforts in expanding its market footprint and exploring additional opportunities for its RegTech solutions. The company’s progress signifies its potential to become a leading provider of regulatory technologies tailored for gambling reforms globally.
