TopBetta has entered into a binding heads of agreement to sell 100% of its shares in TopBetta Pty Ltd to PlayUp Limited in consideration for $6million in cash.

PlayUp has also committed to issue TBH with 800 million PlayChips if and when TBH develops and launches a cryptocurrency tote product. TBH notes that the Sale is not conditional on the launch of a Crypto Tote or the issue of the PlayChips.

TBH CEO, Todd Buckingham, said: “This deal is a significant step for the Company. Not only does the $6M sale of the retail assets provide significant funding for TBH, but the ongoing services agreement and revenue share greatly reduces our cash burn while allowing us to focus on developing the existing wholesale and Global Tote business.”

We have developed a full suite of wholesale wagering products that we can deliver to operators around the world. Now, with the more focussed business model on delivering new and innovative products to wagering operators, we believe we will be the wholesale provider of choice for operators when they consider their wagering platforms, odds and risk management systems and customer facing software.”

“We are excited by the ongoing relationship and opportunities with PlayUp which will complement our expansion strategy.”

PlayUp’s CEO, Daniel Simic said: “PlayUp is excited to be working with TBH and to have successfully secured the TopBetta & Mad Bookie retail businesses.”

“We believe TBH’s innovative wholesale products have the potential to be real game changers in the global wagering industry.”

The Board expects that, post-completion of the Sale, TBH will be funded to execute on its wholesale business strategy over the next 12 months, focussing on the significant potential of, and opportunities for, TBH’s wholesale products. For the avoidance of doubt, TBH’s Wholesale Business includes continuing to develop online wagering products for distribution in the retail market by its wholesale partners, including the retail wagering platform which currently drives the TopBetta and Mad Bookie businesses.

With the completion of Sale, the Wholesale Business will be TBH’s primary focus allowing for delivery of more innovative products to complement the suite of technology it has developed, owns and operates.

TBH’s technology stack includes: odds compilation system, data management, risk management system, odds management technology, client management system, white label wagering solution, tote system, fixed odds racing product suite, and informatics solution.