Sports betting services company BlueBet Holdings Limited (BlueBet), has successfully finalized the acquisition of Merlehan Bookmaking Pty Ltd, known as TopSport, following a migration of customers to its platform.
The acquisition is valued at approximately AU$1.52 million ($949,400) in cash and supplemented by the issuance of 8.82 million shares, which BlueBet said positioned it closer to its target market share of 10-15 percent.
An online wagering provider listed on the Australian Securities Exchange, BlueBet considers that the acquisition will significantly enhance earnings and operational synergies, with the company realizing about AU$9 million ($5.6 million) in cost efficiencies even before the deal’s completion.
“We have successfully completed the acquisition of TopSport, executing an innovative transaction structure that enabled us to migrate TopSport customers onto the betr platform prior to completion,” said Andrew Menz, CEO of BlueBet.
BlueBet provides sports and racing betting products and services under the BlueBet and betr brands to online and telephone clients through online wagering platform and mobile applications in Australia and North America.
The migration involved transferring over 63 million rows of customer data, ensuring a frictionless experience for TopSport users, with CEO, Tristan Merlehan, to join BlueBet as Chief Trading Officer.
“This materially de-risked the transaction and ensured that all anticipated cost synergies were fully realized within just 55 days of announcing the deal,” noted the executive.
The deal’s structure includes potential future payments and performance options contingent on specific milestones.
Half of the newly issued shares will be subject to a six-month escrow, with the remainder locked for twelve months, following shareholder ratification at a general meeting held on March 31st, 2025.
With the integration of TopSport completed, BlueBet stated it is now redirecting its focus towards further growth opportunities in the Australian market, particularly its fully funded proposal to acquire PointsBet.
‘Our engagement with PointsBet shareholders remains overwhelmingly positive, and we look forward to progressing our discussions with the PointsBet Board’, the company noted.
