TopBetta continue to prove they are one of the most innovative Australian sports betting sites in the market with the announcement of their new 'Global Tote' product.
According to a statement released to the Australian Stock Exchange, the Global Tote will be launched in December of 2016.
"The launch date marks a significant milestone for the company as we believe The Global Tote offers an innovative wagering product with global reach and one that punters will love," TopBetta CEO Todd Buckingham said. "Globalisation of wagering will enable local racing bodies to generate additional racefield revenues from overseas wagering operators."
The innovative product will be a breath of fresh air to punters with the new product enabling licenced wagering operators from all over the world to participate in one centralised global racing pool - as opposed to the smaller pools currently offered in Australia.
To put the product in simpler terms: a global tote will mean a single world-wide wagering pool that will naturally offer better liquidity and margins to punters than the current totes and 'best of 4' products offered by existing bookmakers. This will mean less variance on odds and will greatly suit the individual punter - especially big bettors as "no punters will be restricted from betting into the pools and instead will be encouraged to take part..."
The product will be owned and operate by The Global Tote Limited, a new subsidiary of TopBetta which has already been granted approval by Racing Victoria and the Canberra Racing Club to operate within it's jurisdictions. Additional racing bodies from around Australia and the globe are expected to follow suit in the near future.
"Over the past six months The Global Tote Limited has finalised the platform, gained licence approval and have been in discussions with some of the world's biggest punters, bookmakers and racing organisations about creating liquidity and a fair market for participants," Buckingham added. "The Global Tote is one global pool which creates better liquidity and wagering value for punters."
The licence which has been granted to The Global Tote is from the Alderny Gambling Control Commission which is one of the most respected bodies in the world, used by Bet365, Ladbrokes, Unibet and more. The licence will allow The Global Tote to provide a B2B Totaliser to existing operators. As operators of the innovative product, The Global Tote will charge bookmakers a percentage of turnover.
The new product from TopBetta comes on the back of a big year which included announcing their public listing on the ASX last November.
Make sure to return to Before You Bet for more information regarding The Global Tote as it becomes available, while you can find more information about the site on our TopBetta review page and can read the full Global Tote announcement to the ASX here.
