SYDNEY: BlueBet Holdings (ASX:BBT), trading as “betr,” announced Wednesday the successful completion of its acquisition of certain assets from Merlehan Bookmaking Pty Ltd, operating as TopSport. The deal, finalized overnight, included the seamless migration of TopSport customers to the betr platform.
The transaction, which is expected to significantly boost earnings, brings betr closer to its target market share of 10%-15%. BlueBet highlighted the rapid integration of TopSport’s customer base, with more than 63 million rows of data securely transferred, ensuring minimal disruption for users.
Under the terms of the agreement, BlueBet paid approximately $1.52 million in cash and issued 8.8 million shares to TopSport’s nominee entity. Additional performance-based incentives, including up to 23 million options and future cash payments, may follow pending milestones.
BlueBet CEO Andrew Menz praised the deal’s innovative structure, which allowed for customer migration ahead of completion, reducing risk and accelerating cost synergies. “This showcases our repeatable M&A model and delivers immediate value for shareholders,” Menz said.
With the TopSport integration complete, BlueBet is now focusing on its bid to acquire PointsBet, describing its offer as “compelling and fully funded.” The company emphasized flexibility for PointsBet shareholders, offering a mix of cash and stock.
TopSport CEO Tristan Merlehan will join BlueBet as chief trading officer, strengthening its leadership team.
BlueBet, a digital wagering operator listed on the Australian Securities Exchange, is led by industry veterans Matthew Tripp and Michael Sullivan.