BlueBet Holdings Limited (BlueBet) has completed its acquisition of Merlehan Bookmaking Pty Ltd (TopSport), marking a key milestone. The deal followed a smooth migration of TopSport customers onto BlueBet’s betting platform, ensuring a seamless transition.
Strategic Acquisition to Boost Market Share
The acquisition cost AU$1.52 million ($949,400) in cash, plus 8.82 million shares. This move pushes BlueBet closer to its 10-15% market share goal in Australia’s sports betting market.
As an ASX-listed online wagering provider, BlueBet expects major financial benefits. Before finalizing the deal, the company identified AU$9 million ($5.6 million) in cost efficiencies, reinforcing the acquisition’s value.
Seamless Customer Migration & Operational Synergies
BlueBet CEO Andrew Menz highlighted the innovative transaction structure, which allowed an early migration of TopSport customers onto the betr platform. This strategy reduced risks and ensured a smooth transition.
“We completed the TopSport acquisition using an innovative approach, integrating customers onto the betr platform early. This reduced risks and delivered full cost synergies within 55 days of the announcement.” – Andrew Menz, CEO of BlueBet
The migration transferred over 63 million rows of customer data, ensuring TopSport users a seamless experience.
TopSport CEO Tristan Merlehan will now serve as BlueBet’s Chief Trading Officer, bringing his expertise to enhance operations.
Growth-Oriented Deal Structure & Future Plans
The acquisition includes performance-based payments and options, tied to specific operational goals. Half of the newly issued shares will remain under six-month escrow, while the rest stay locked for twelve months. Shareholders will ratify the transaction at a March 31, 2025, general meeting.
What’s Next? BlueBet’s Expansion Strategy
With TopSport fully integrated, BlueBet now focuses on further market expansion. A top priority is its fully funded bid to acquire PointsBet, reinforcing its competitive edge.
“Our engagement with PointsBet shareholders remains positive. We look forward to advancing discussions with the PointsBet Board.” – BlueBet Statement
By pursuing strategic acquisitions and operational efficiencies, BlueBet strengthens its position in the highly competitive sports betting industry. Stay tuned for updates on BlueBet’s next big move!
