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Bluebet has entered into a binding Asset Sale Agreement to acquire Betr, suggesting this move will allow it to increase scale and market share, significant operational synergies and a platform for further growth.
Q3 results for both businesses suggest the strength of the deal, with BlueBet and Betr growing their net win substantially.
The proposed merger will see BlueBet issue to Betr shareholders approximately 265.4 million fully paid ordinary shares, equating to 56.9% of BlueBet’s current shares on issue.
It was also announced that Australia will be the primary focus of the pair and that a strategic review will be undertaken of the US operation after the potential completion of the merger.
There are a number of conditions that have to be met first before the merger can go through; but if they were to be met, everything should be closed on 1 July.
As well as this, BlueBet is undertaking a fully underwritten AU$20m placement to fund operational and strategic growth initiatives.
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 added: “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.”
In other news from Australia, David Christian this week resigned as COO Australia of SkyCity Entertainment.
