Caspiantech CJSC was founded on January 19, 2010, with the goal of evaluating the investment potential of Azerbaijan in the sports-betting sector.

In 2013, it launched its greyhound racing game, in addition to commencing the selling of Azerlotereya's lottery products.

[1] In 2012, Topaz became the official betting partner of Azerbaijan Premier League and received the rights to operate betting for all England and Football Association matches.

[4] In March 2013, the company faced heavy pressure from the National Assembly of Azerbaijan due to its negative effect on youth, but the company was supported by Azad Rahimov, the Minister of Youth and Sports of Azerbaijan Republic.

[5] Rahimov claimed, all Topaz' operations are fully transparent, and the company is supporting the sport industry.