Australian betting company TopBetta has shown marked improvement in its past year of operations.

TopBetta

In its year-to-year financial results ending June 30, 2017, the company reported revenue increase of 95 per cent to AU$5.6m from turnover of $82.39m. However, the company still delivered a loss of $7.6m that included the write down of the 12Follow goodwill of $1.8m.

According to CEO Todd Buckingham, the most encouraging aspect of the business was the turnover and revenues generated in the June 2017 quarter, which included the launch of The Global Tote and the integration of Mad Bookie. This saw turnover reach $42.45m for the quarter and total revenue of $2.57m.

“One of the key goals set down by the board is for the company to be operationally cash positive in the next six months,” said Buckingham.

“Management and the board sees the next 12 to 18 months as a defining period as the company moves into the implementation phase of its strategy.”

Commenting on the challenges the company has faced, he added: “The change in the status of the Norfolk Gaming Authority created not only a period of uncertainty for TopBetta but also, ultimately, an untenable situation with regard to our wagering licence. TopBetta applied successfully for a new licence out of Northern Territory that included moving parts of our operation to the NT.

“At the same time, and a key highlight of our year, TopBetta identified an opportunity to provide a pari-mutuel product as a business to business offering to the global wagering market. This was an ambitious project that required regulatory and licensing authorisation, establishment of a leading-edge technology platform and generation of sufficient liquidity.”