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IXUP Limited (ASX:IXU) has confirmed its received commitments to raise just over $3 million to keep BetStop rolling.
The thinly traded nanocap jumped 22% in response (that brought its share price to 1.1cps heading into lunchtime trades Sydney time on Monday).
For the uninitiated, IXUP was the private player selected to assist Canberra bring into line its national centralised self-exclusion (CSE) register wherein the onus is placed on gamblers to modify their own behaviour.
That register is what BetStop is – and while IXUP ultimately ‘manages’ it, it was the Australian Communications and Media Authority (ACMA), who won an award for it.
So, in short, IXUP is pretty firmly embedded in a government initiative Anthony Albanese is pretty keen on being seen being serious about – which is obviously good news for IXUP. That said, perhaps not for its coffers.
Two key existing insto investors took part in the $3M placement; Canaccord acted as lead.
IXUP’s ultimate goal is to keep selling BetStop – or like for like products – around the world. To that end, it’s recently struck a deal in Canada to provide such a thing.
Falling under ‘RegTech’ – regulatory technology – IXUP stands poised to continue wedging its way into overhead gambling reforms taking part in multiple developed nations.
(Think of the most recent PSA soundbite to grace our shores; ‘you win some, you lose more’ – something some HotCopper users could be well served to remember.)
“This funding will empower us to build on our existing presence in Australia and Canada while advancing towards our goal of cash breakeven in 2025,” IXUP chair Julian Babarczy said.
“We are excited to continue driving shareholder value and delivering transformative solutions to protect vulnerable communities worldwide.”
IXU last traded at 1.1cps.
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