Australian racing, sports betting and fantasy wagering company TopBetta saw its turnover and revenues drop in the period ending March 31, compared to the previous quarter.
Wagering and tournament turnover was at AUS$53.5m, down from AUS$82.9m to December 31. Quarterly revenue was AUS$4.95m, a drop from AUS$6.68m in the previous quarter, while the number of quarterly active clients fell from 14.22m to 8.85m.
Overall, the figures still represent strong year-on-year progress. Revenue was up 460 per cent, turnover 304 per cent and active clients 25 per cent compared to the corresponding quarter 12 months ago.
The periodic downturn was attributed to two main factors: seasonality, following the conclusion of the busy Spring Carnival, and the decision to reduce coverage of race meetings on the Global Tote by almost a third, due to a delay in approvals of multiple commercial agreements with Australian bookmakers licensed in the Northern Territory.
“The Company notes it has recently met with the Northern Territory Racing Commission to clarify its concerns with the agreements currently at hand for operators licensed by NTRC,” TopBetta stated.
“The Company now understands the concerns raised by the NTRC and will be working to resolve these issues. The NTRC has indicated it will look at the agreements again once these matters are addressed. The NTRC has not given any commitment to approve these agreements other than indicate that they will assess again if and when the matters are addressed and the agreements are submitted for review.”
