BetMakers Holdings, the online wagering products and services provider, has issued an update in respect of the sale of 100% of the shares in TopBetta Pty and the associated TopBetta and MadBookie retail brands, to PlayUp Australia Pty, along with the expansion of services into the US market between BetMakers, PlayUp and the Global Tote.
Further to the announcement released on July 2 2018, the parties have agreed to restructure the $3m payment due on September 30 2018 under the transaction such that $250,000 was paid on October 1 2018; $750,000 is payable on November 30 2018; and a final tranche of $2m is payable on December 31 2018.
Turning to the US expansion, the parties have also agreed to terms for Global Tote to provide its international racing pools for PlayUp’s American operation, which is expected to launch in December 2018.
PlayUp, which holds an advance deposit wagering (ADW) license through its newly acquired subsidiary TopBetta, has also recently announced the acquisition of 123Bet, an established online wagering operator that holds a licence to operate in 35 states throughout the US. The acquisition of 123Bet by PlayUp is expected to complete on October 5 2018.
Once the 123Bet acquisition is secured, the Global Tote will provide International pools that are currently not being offered in the US and expects to be taking wagers from US bettors in November 2018 following integration with existing operator WatchandWager.
CEO of BetMakers Todd Buckingham said: “It’s great to be expanding our partnership with PlayUp as they move into the global market. We have recently launched their free-to-play site, PlayUpBet and to expand the relationship into the US market through their wagering operations is very exciting.”