The BetMakers Holdings Limited formally TopBetta Holdings Limited is pleased to announce that it has completed the sale to BetMakers Australia Pty Limited of 100% of the shares in the company’s wholly-owned subsidiary, TopBetta Pty Ltd, and the associated retail assets, TopBetta and Mad Bookie.

PlayUp has taken over the running of the ‘TopBetta’ and ‘MadBookie’ businesses from July 1st 2018.

Completion of the sale allows TBH to focus on rolling out its plans to be the preferred wholesale supplier of smarter data feeds and B2B wagering solutions to all wagering operators. It also allows the Company to significantly reduce its monthly cost base.

The Company confirms that it has received from PlayUp a non-refundable payment of $3M. TBH has agreed to extend the payment term of the remaining $3M of the purchase price until 30 September 2018.

If PlayUp fails to pay the Deferred Payment, TBH will have the right to buy back the shares in TopBetta for $1. Alternatively, if agreed between the parties, the Deferred Payment may be satisfied by way of issue of shares in PlayUp Limited at a value of a 25% discount to the most recent capital raise by PlayUp, or $70m.

The Company has also executed the Services Agreement and White Label Agreement in accordance with the terms set out in the Prior Announcement for the ‘TopBetta’ and ‘Mad Bookie’ brands (“Retail Brands”). The Agreement has been executed for two years.

Betmakers CEO Todd Buckingham said: “The completion of the Sale sees the transition out of our B2C business and into the B2B wagering space as a supplier of proprietary data, products and wagering solutions.

As Betmakers, we believe we are well positioned to serve Australian online wagering operators requiring cost-saving data solutions as well as revenue-generating new product solutions and assist them to overcome recent head winds of new taxes and shrinking margins.

Likewise, we now believe we are well placed with our B2B product suite and toolkit to assist global wagering operators maximise profitability in international markets, including those that are fast opening up for expansion in racing and sports betting.”