BlueBet Holdings Limited (ASX:BBT), trading as ‘betr,’ has successfully completed the acquisition of TopSport, marking a significant step in its growth strategy. The acquisition brings betr closer to its target market share of 10%-15%. The transaction involved a cash payment of $1,520,428.47 to TopSport, funded from proceeds of the capital raising completed on February 13, 2025. Additionally, BlueBet issued 8,823,529 fully paid ordinary shares to Merlehan Family Investments Pty Ltd, TopSport’s nominee entity. Further consideration includes performance options and future cash payments contingent on achieving certain milestones, detailed in the February 5, 2025, ASX announcement.
The migration of over 63 million rows of TopSport customer data to the betr platform was completed overnight. This transition aims to provide TopSport customers with an enhanced wagering experience. Tristan Merlehan, former CEO of TopSport, will join BlueBet as Chief Trading Officer.
BlueBet CEO Andrew Menz highlighted the efficiency of the acquisition, noting that the innovative transaction structure enabled customer migration before completion, realizing approximately $9 million in cost synergies within 55 days. Menz emphasized the company’s focus on further inorganic growth opportunities, particularly its proposal to acquire PointsBet. BlueBet believes its offer, providing flexibility in the form of cash and scrip, is superior for PointsBet shareholders, allowing them to realize both short-term and long-term value.
