The Global Tote will soon be available to US gamblers thanks to Australian bookmaker, TopBetta.
TopBetta revealed it has been successful in gaining an Advance-Deposit Wagering (ADW) licence from the North Dakota Racing Commission.
ADW requires punters to fund their account before placing a bet on horse races. It is often conducted online or by phone.
TopBetta will be able to offer pari-mutuel betting to US punters across the 35 states in which the ADW applies and which permit this form of gambling.
The Australian-based company is planning on seeking individual approvals from the states which do not fall under the ADW, in the future.
Although ADW competition is limited, international operators are reportedly looking at ways to enter the market before any changes to the sports betting laws occur.
“The off-course online wagering market (ADW) is growing rapidly and now accounts for more than 25% of all wagers on US racing,” TopBetta CEO, Todd Buckingham, said in a press release.
“Our retail license (ADW) will allow TopBetta to enter the US market, getting access to both high-end punters and recreational punters.
“Competition in the ADW space is presently limited, however, we see this changing over the next few years as global wagering operators look at avenues to enter the US prior to any changes with sports betting regulation.”
TopBetta also owns the unique Global Tote, which is an international tote product. US licensed wagering operators will now be able to tap into the global pools, pending approval from the relevant racing bodies.
The licences are subject to the US Thoroughbred Racing completing further due diligence investigations of TopBetta and the Global Tote over the next 12 months.
Buckingham said he doesn’t expect any complications to arise from the investigations and anticipates that the company will commence US operations later in the year.
“This really completes the immediate regulatory requirements for The Global Tote and gives the company the reach to leverage the business as a true global player in online wagering,” he said.
“The US market is exciting for both our wholesale and retail divisions, especially as we see it as under-developed and with huge potential. ”
He added that US gambling laws only permit pari-mutuel wagering currently, and the Global Tote is “positioned perfectly” for operators who want to get ahead of the game.
“The wholesale Global Tote will work with existing ADWs in the US market as well as any major global wagering organisations trying to enter the US market ahead of any regulatory changes that would allow sports betting.”
Buckingham said the Global Tote is also positioned “to assist with racing bodies globally looking to get access to the US pool of customers.”
TopBetta and its Global Tote product recently secured a UK Gambling Commission licence too.
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