Australian betting operator TopBetta is to acquire Melbourne-based racing and sports wagering company, Mad Bookie.

TopBetta buys Mad Bookie

Completion of the deal is conditional on TopBetta receiving approval from each of Northern Territory Racing Commission, Racing Victoria and Racing NSW. The purchase price is dependent on Mad Bookie’s financial performance during a 12-month earn-out period.

In the meantime, Mad Bookie will continue to operate under its established brand but on TopBetta’s existing licence with NTRC.

TopBetta said in a statement that it plans to “align the synergies across the business while maintaining the unique brands of both TopBetta and Mad Bookie.”

TopBetta CEO Todd Buckingham said: “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.

“The deal will also defer payment of the purchase price until after the first 12 months, which will allow the TopBetta business to maintain cash flows over the initial period.”