Conditional license opens the door to pool and retail pari-mutuel betting
Australian-headquartered wagering firm TopBetta Holdings Limited has been granted conditional licenses for its subsidiaries The Global Tote Ltd(TGT) and TopBetta Pty Ltd (TopBetta) to offer pool betting and retail pari-mutuel betting respectively, in the US market.
Based in Alderney, TGT has been conditionally approved to operate an international tote in the US allowing approved US-licensed wagering operators to access TGT’s global pools.
In addition, TopBetta was granted a conditional Advance-Deposit Wagering licence (ADWL) by the North Dakota Racing Commission (NDRC) enabling the company to offer pari-mutuel betting to the US public within the 35 US states in which the ADWL applies and who currently allow online wagering.
Both licences are conditional upon the US’ Thoroughbred Racing Protection Bureau (TRPB) successfully completing further due diligence examination in respect of the Company and its subsidiaries within 12 months.
Following approvals from the TRPB, the Company expects to begin US operations before the end of 2017.
TopBetta chief executive officer, Todd Buckingham, commented:
“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 wholesale Global Tote will work with existing ADWs in the US market as well as any major global wagering organisations trying to enter the US market ahead of any regulatory changes that would allow sports betting.
“Given the fact that the only online wagering currently allowed in the US is betting on racing through pari-mutuel wagering, The Global Tote is positioned perfectly to assist with those operators wanting to stay ahead of the market.
“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.
In terms of the ADW retail license, Buckingham expects a presently limited market to grow exponentially as global wagering operators look at avenues to enter the US prior to any changes with sports betting regulation.
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