Owner of Australian Sports Betting Platform betr Acquires TopSport
BlueBet Holdings Ltd, the Australian company behind the online sports betting platform betr, has completed its acquisition of rival sportsbook TopSport. The announcement confirmed the integration of TopSport's key assets and customer data into the betr platform.
LISTEN TO THIS ARTICLE:As part of the acquisition, BlueBet successfully migrated over 63 million rows of data from TopSport. This data included essential customer information such as transactional history, account balances, and outstanding bets.
Related: BlueBet Announces Exit from US MarketThe transition was described by the company as frictionless, with former TopSport users now placing wagers directly through the betr platform. This move eliminates the need for maintaining the separate TopSport wagering infrastructure during the integration process.
BlueBet paid AU$1.52 million in cash to acquire specific assets from TopSport's parent company, Merlehan Bookmaking Pty Ltd. This payment represented the total asset purchase price after deducting customer account balances, pending bets, and employee obligations. The transaction was structured to allow for an early migration of customer data prior to the formal completion of the sale, allowing BlueBet to accelerate the realization of cost synergies.
In addition to the cash payment, BlueBet issued over 8.8 million fully paid ordinary shares to Merlehan Family Investments. The company may also be obligated to provide up to 23 million performance-based options and make further cash payments depending on the achievement of defined performance milestones as outlined in the asset sale agreement.
More Business News
TopSport Execs Transition to betr
Tristan Merlehan, who previously served as CEO of TopSport, has joined the management team at betr and will assume the role of Chief Trading Officer. His appointment adds industry expertise to the company's executive leadership as it continues to execute its growth strategy in the competitive Australian wagering market.
BlueBet's CEO, Andrew Menz, emphasized the strategic nature of the acquisition and the efficiency with which it was executed. The company managed to complete the customer data migration and achieve expected cost savings within just 55 days of announcing the deal. This rapid integration reflects the scalability and effectiveness of BlueBet's mergers and acquisitions framework, which the company views as a core strength in its expansion strategy.
With the TopSport acquisition finalized, BlueBet is now turning its attention to additional growth opportunities. One of its key focuses remains its proposal to acquire PointsBet, another ASX-listed wagering operator.
Although its initial bid for PointsBet was declined, BlueBet maintains that its proposal offers shareholders the option to select between cash and scrip, creating value both immediately and over the long term. Discussions with PointsBet stakeholders are ongoing, with BlueBet indicating a high level of engagement and interest from shareholders.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Sweepstakes Casinos: Thriving in an Ever-Changing Industry – Interview with Attorney Stephen C. Piepgrass
Feb 17, 2025
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Owner of Australian Sports Betting Platform betr Acquires TopSport