BetMakers has announced ­that it has raised AU$26.3m (US$20.4m) through a share purchase plan (SPP), significantly exceeding its target amount.

The Australian-based gaming technology supplier had aimed to raise AU$10m through the purchase plan, which provided eligible shareholders the opportunity to subscribe for up to AU$30,000 of new fully paid ordinary shares at AU$0.6 per share.

However, the SPP was oversubscribed with the supplier receiving applications from shareholders worth AU$26.3m at the same issue price previously mentioned.

The relevant shareholders will be issued with the shares on 27 January and the funds raised will be used to accelerate the company’s international expansion, as well as being applied towards its acquisition of Sportech’s tote and digital business.

Earlier this month, Sportech’s shareholders approved the deal which will see BetMakers acquire the global tote and digital business of the sport betting technology company for £30.9m ($42.2m)

BetMakers CEO and MD Todd Buckingham said: “Through organic growth and acquisitions, we have rapidly added significant shareholder value which now positions BetMakers as a truly global supplier to the international wagering industry.

“The board and management are committed to continue adding value for shareholders and we’re looking forward to updating the market with our progress throughout 2021.”

The supplier also mentioned that when applying the scale back, it took into consideration ensuring long-term retail supporters of BetMakers have a chance to increase their shareholdings, and rewarding the loyalty of retail investors who hold a significant amount of shares.