Topbetta Holdings Ltd has received firm commitments to raise circa $9 million from sophisticated and institutional investors via the placement of shares at $0.42 each.

The company and its Alderney-based subsidiary The Global Tote Limited (TGT) had crossed a major milestone earlier this month after being granted the licenses to operate in the U.S. market.

The Global Tote is a system which enables wagering operators, including corporate bookmakers and tote operators from all over the world to participate in a global pool.

Topbetta’s wholesale and retail divisions sees a huge potential in the under-developed U.S. market.

The funds received will be strategically utilised to assist TGT in accelerating the roll-out of The Global Tote product with full race coverage and wagering product offering.

TGT is also aiming to on-board local and international B2B bookmakers and the current funding is expected topush the company to venture out further into the UK and European markets.

In addition, TopBetta has been granted an Advance-Deposit Wagering (ADW) licence by the North Dakota Racing Commission that widens its access to both high-end and recreational punters.

Competition in the ADW space is presently limited, and global wagering operators are looking at avenues to enter the U.S. prior to any changes with sports betting regulation.

The Company’s CEO Todd Buckingham commented: “We have recently announced the US and UK licencing approvals for TopBetta and TGT, as well as the successful launch of The Global Tote by TGT in May 2017. By completing a Placement at this time, the Company will be able to capitalise on the international opportunities and also accelerate the roll-out of TGT’s The Global Tote with full coverage of race meetings and product offerings.”