PlayUp fails to pay $2m instalment for TopBetta buyout
The BetMakers Holdings advises that it has not received the final payment of $2Mil from PlayUp Australia Pty Limted in relation to the sale of 100% of the shares in TopBetta Pty Ltd and the associated TopBetta and MadBookie retail brands, which was due on 31 December 2018.
TBH has since been in discussions with PlayUp in relation to the final payment and it is expected that the payment, which remains due and payable, will be settled prior to the end of January 2019.
PlayUp has agreed to make a part-payment of $250,000. TBH reserves its rights in relation to the termination of the agreement.
In addition, the expected launch of the Global Tote’s international pools with PlayUp’s United States operations, as indicated to the market on 2 October 2018 as part of the transaction, is now expected to commence in Q2 CY19.
The Company will continue to update the market in accordance with its continuous disclosure obligations.