BlueBet announces transformational merger with betr; launches $20.0 Million Equity Raising!
BlueBet Holdings Ltd has announced that it has entered into a binding Asset Sale Agreement (ASA) to acquire betr wagering business. This will deliver to BlueBet increased scale and market share, significant operational synergies and a platform for further growth.
In addition, BlueBet is undertaking a fully underwritten two-tranche conditional placement to
raise gross proceeds of approximately $20.0 million (the Placement) at $0.21 per share to fund
operational and strategic growth initiatives of the Combined Business and one-off synergy
realization and transaction costs (Equity Raising).
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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 skill-sets of the combined team which sets us up well
for the next phase of growth.”
