TopBetta, The Global Tote secure licences in US
TopBetta Holdings has announced that both its TopBetta Pty and The Global Tote brand have been granted licences to operate in the US.
The Global Tote, a wholly-owned subsidiary that is based in Alderney, has picked up a licence to run an international tote in the country.
Wagering operators licensed in the US will now be able to work with The Global Tote to access the company’s global pools, subject to approval from the relevant racing bodies to offer betting on their racing content.
Meanwhile, TopBetta has acquired an advance-deposit wagering licence that will allow it to offer pari-mutuel betting to punters across the 35 states in which this form of gambling is permitted.
TopBetta obtained its new licence from the North Dakota Racing Commission.
Both licences are conditional upon the US Thoroughbred Racing Protection Bureau completing further due diligence examination in respect of the firm and its subsidiaries within 12 months, although TopBetta said it does not anticipate that any complications will arise from this process.
TopBetta expects to begin operations in the US during the latter half of the current year.
Todd Buckingham, chief executive of TopBetta, said: “This really completes the immediate regulatory requirements for The Global Tote and gives the company the reach to leverage the business as a true global player in online wagering.
“The US market is exciting for both our wholesale and retail divisions, especially as we see it as under-developed and with huge potential.
“The Global Tote is also now well positioned to be able to assist with racing bodies globally looking to get access to the US pool of customers.
“Our retail licence will allow TopBetta to enter the US market, getting access to both high-end punters and recreational punters.”
TopBetta also said it is seeking partnership and acquisition opportunities in both the US and UK, adding that it will update the market should any deals go through.
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