TopBetta increases racing presence with ‘win-win’ acquisition

TopBetta increases racing presence with ‘win-win’ acquisition

Thursday, April 20, 2017 Posted by James Walker

TopBetta CEO Todd Buckingham has described his company’s acquisition of Melbourne-based racing specialist Mad Bookie as a “win-win for both parties”.

The Australian ASX-listed online bookmaker has agreed a deal to acquire Mad Bookie, with payment of the purchase price deferred until after an initial 12-month period.

This will allow TopBetta, who will be taking over all Mad Bookie assets including its 15,000-player database, to maintain cash flows during the first year of the agreement.

Buckingham told “The deal is a win-win for both parties, which is always pleasing when you can do deals like that. Adding Mad Bookie to our company forms part of our strategy to expand not only in Australia but internationally.

“Not many bookmakers based in Australia have the capability to expand internationally due to their HeadCo structure being based overseas already, but it is an opportunity afforded to us and we intend to take advantage of this.”

TopBetta has also confirmed that it will retain key Mad Bookie staff for the initial buy-out period, which includes CEO Brett Luntz.

Buckingham continued: “Brett has done an amazing job with his team to navigate through the regulatory environment here in Australia, which I am certain not many people would appreciate. To do this and create a brand producing more than A$80m in annual turnover within a two-year period is a fantastic achievement.

“We look forward to working with Brett and his team over the next 12 months to make the Mad Bookie brand a significant player in the Australian market, and I am certain with our support and structures we can achieve this.”

Totally Gaming says: TopBetta will be delighted to boost its racing profile in Australia by acquiring a company which will also contribute an estimated A$80 million to its corporate performance. For the initial buy-out period, it makes sense for them to utilise the regulatory and brand knowledge of Mad Bookie CEO Brett Luntz.

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