TopBetta Holdings acquire NT licensed Mad Bookie
TOPBETTA Holdings Pty Ltd has swooped on Australian bookmaker Mad Bookie.
The Sydney-based Topbetta made the announcement Thursday morning, saying it will continue operating both brands, although it would integrate Mad Bookie under its existing Northern Territory Gambling Commission license.
The purchase nets TopBetta a database of over 15,000 members and an established turnover of over $80 million per annum.
While the buyout still has to be approved by the NTGC and the various Australian racing bodies, TopBetta CEO Todd Buckingham was bullish about the future.
“The acquisition of Mad Bookie has the potential to quickly and substantially increase turnover for TopBetta’s retail business while adding significant revenues due to higher yields and cost savings through aligning the synergies between the business,” he said.
“The deal will also defer payment of the purchase price until the first 12 months, which will allow the TopBetta business to maintain cash flows over the initial period.
“To acquire a ready-made, active database like Mad Bookie’s under this arrangement makes a lot of sense in an industry that has high customer acquisition costs, and we will certainly be on the lookout for similar deals should they arise in the future, both here in Australia and Internationally.”
Mad Bookie founder and CEO Brent Luntz, and key staff will remain with the business for at least the earn-out period.
“We are delighted to be joining the TopBetta group,” Mr Luntz said.
“We believe that the baseline we have set up for our loyal customer base over the past 24 months will be further enhanced through this acquisition and the synergies it delivers.
“We couldn’t be more excited.”
Mad Bookie has been a somewhat controversial addition to the Australian gambling landscape after originally being licensed by the now defunct Norfolk Island Gaming Authority.
The buyout caps a big week for TopBetta who have gained an international non-exclusive licensing agreement with United Kingdom and Ireland greyhound racing, to distribute audio and footage through their subsidiary company, the Alderney-based The Global Tote.
TopBetta has also finalised a revised deal with the Northern Territory Gambling Commission which will allow it to offer The Global Tote odds service to Australians.
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