TopBetta to acquire assets of Mad Bookie

TopBetta Holdings has agreed a deal to acquire the assets of Australian online bookmaker Mad Bookie.

Terms of the agreement were not disclosed, but TopBetta said in a statement that the acquisition will cover Mad Bookie’s customer database, clients and IP.

Should the deal secure approval, Mad Bookie will continue to operate under its established brand but under TopBetta’s existing licence held with the Northern Territory Racing Commission (NTRC).

The NTRC, as well as Racing Victoria and Racing New South Wales, are required to approve the acquisition before the deal can go through.

“The acquisition of Mad Bookie has the potential to quickly and substantially increase turnover for TopBetta's retail business while adding significant revenues due to higher yields and cost savings through aligning the synergies between the businesses,” TopBett chief executive Todd Buckingham said.

“To acquire a ready-made, active database like Mad Bookie's under this arrangement makes a lot of sense in an industry that has high customer acquisition costs, and we will certainly be on the lookout for similar deals should they arise in the future, both here in Australia and Internationally.”

Brett Luntz, founder and chief executive of Mad Bookie, and key staff will remain with the company until at least the earn-out period.

Luntz, who will provide consulting services to the company throughout this period, said: “We are delighted to be joining the TopBetta group; We believe that the baseline we have set up for our loyal customer base over the past 24 months will be further enhanced through this acquisition and the synergies it delivers.”

Related article: Ladbrokes Australia signs up to TopBetta’s Global Tote