SPORTS BETTING
BlueBet announces plans to merge with betr
By Phil - 11 April 2024
BlueBet Holdings has announced plans to merge with the betr wagering business, placing $20m to fund
operational and strategic growth initiatives of the Combined Business and one-off synergy realisation and transaction costs, as it looks to bring increased scale and market share, significant operational synergies and a platform for further growth.
Australia will be the primary focus of the combined business, with a strategic review of the US
operation to be undertaken post completion. BlueBet’s Board of Directors believe the proposed merger represents a significant and compelling opportunity which is expected to create material value for BlueBet shareholders. The BlueBet Board unanimously recommends that BlueBet shareholders vote in favour of the resolutions that require the approval of BlueBet’s shareholders with respect to the proposed merger in the absence of receipt of a superior proposal.
BlueBet’s Executive Chairman, Michael Sullivan, said: “This is a transformational moment for BlueBet, bringing together our best-in-class technology platform with betr’s large and high-quality customer base to create a national challenger in the online wagering market. The betr team is fully aligned with this vision, and we are excited by the growth opportunities and synergies that will be unlocked through the Proposed Merger of our two businesses.”
betr’s Founder, Matthew Tripp, said: “Today is a significant day for betr and a major step towards achieving our ambition to be a Tier 1 wagering operator. The combination of our joint scale and the BlueBet technology platform is extremely powerful. What excites me most is the deep experience and highly-complementary skillsets of the combined team which sets us up well for the next phase of growth.”
Launched in October 2022, betr has quickly grown to achieve significant scale with 34,000 open
accounts and 112,000 active customers, with its modern and innovative brand attracting customers with a preference for sport and high margin products. The business recorded c.$80m of Gross Win and c.$50m of Net Win10 in 1H FY24.
Betr’s founder and major shareholder Matthew Tripp and CEO Andrew Menz bring over 40 years of experience in operating and scaling wagering businesses, with extensive learnings both domestically and internationally that will assist the combined business with its organic and inorganic growth initiatives.
