NEWS 14 August 2017
TopBetta and The Global Tote awarded US Licences
By Robert Simmons
Australian based sports betting operator TopBetta Holdings have announced that both its TopBetta Pty and The Global Tote subsidiaries have been granted operational licences in the US.
The Global Tote, which is based on the channel island of Alderney has received licensing approval to operate an international tote in the US.
This will allow approved US-licensed wagering operators (US Operators) to access global pools provided by The Global Tote subject to the US Operators individually receiving approvals from relevant racing bodies to offer betting on their racing content.
In addition, the North Dakota Racing Commission has awarded an Advance-Deposit Wagering licence ("ADW") to TopBetta. This licence will allow TopBetta to offer pari-mutuel betting to the US public within the 35 US states to which the ADW applies and which currently allow online betting.
Both licences are conditional upon the US' Thoroughbred Racing Protection Bureau successfully completing further due diligence examination of the company and its subsidiaries over the next 12 months.
In a statement announcing the deal, TopBetta CEO, Todd Buckingham 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. The off-course online wagering market (ADW) is growing rapidly and now accounts for more than 25% of all wagers on US racing. “
"Our retail license (ADW) will allow TopBetta to enter the US market, getting access to both high-end punters and recreational punters."