retail bookmaking assets to sports fantasy and betting business...

retail bookmaking assets to sports fantasy and betting business PlayUp.

PlayUp outlaid $6 million in cash and 800 million in PlayChip coins for the division, sources said.

The deal is expected to putTopBetta in a net cash position and able to focus on its The Global Tote business-to-business betting tote.


Topbetta, which is backed by James Spenceley's MHOR Asset Management and IFM Investors, was placed in a trading halt on Friday.


The Global Tote has been pitched as a wholesale alternative to the totes run by wagering giants Tabcorp and Tatts Group. All bets of a certain type are placed in a pool and odds are calculated via a "totalisator", with the pool shared among all winning bets, less a commission.


TopBetta launched The Global Tote in December 2016 and in June the following year clinched a deal with prominent Australian professional punter Sean Bartholomew to bet about $200 million into pool on Australian races during the following 12 months.

As reported by The Australian Financial Review on Monday, tech entrepreneur Daniel Simic, who relaunched PlayUp in July 2016, reckons it could be headed for an ASX and Nasdaq float, valuing the business at more than $700 million.

Simic says PlayUp should have annual gross gaming turnover of $500 million after a string of acquisitions and deals this month.



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