The merger between BlueBet and Betr is now a fact. After months of speculation and rumors, the former company confirmed the acquisition on the ASX. Under the agreement, Betrβs parent company, the Tripp Group, will receive a majority of shares in BlueBet.
The merger will benefit both companies in different ways. BlueBet will be able to tap into Betrβs existing customer base, which includes many young bettors. Betr, on the other hand, will be able to make use of BlueBetβs established tech base. The emerging entity will therefore be poised to take the Australian wagering market by storm.
As outlined in the deal, BlueBet will also raise AUD 20 million to cover the costs associated with the transaction.
BlueBet and Betr are yet to confirm the name they will trade under.
The two companies confirmed that Andrew Menz will serve as chief executive officer of the new business. In the meantime, Bill Richmond, CEO of BlueBet, will become the new entityβs chief operating officer.
Michael Sullivan, who will serve as chairman of the combined company, said that the deal will allow BlueBet and Betr to challenge some of the bigger names in Australian wagering. In the meantime, Matthew Tripp, owner of Betr, will serve as a NED and will take over as chair in 2025.
Two of the Fathers of Australian iGaming Have Joined Forces
Andrew Menz lauded Sullivan and Tripp as two of the founders of Australiaβs iGaming market. Sullivan, for reference, sold SportingBet to William Hill in an AUD 660 million deal in 2016 while Tripp bought Sportsbet for AUD 250,000 in 2005 and sold it for AUD 388 million six years later.
According to Menz, the new merger will result in a stronger business that will benefit from its leadersβ expertise.
Sullivan also commented on the matter, expressing his excitement about the growth opportunities offered by the merger.
Andrew Orbach from Taylor Collision, a leading financial services firm, called the merger βthe worst kept secret in wagering history.β Speaking about its prospects, he said that the emerging entity is likely to divest BlueBetβs US assets and double down on its operations in Australia.
Orbach noted that this will be the first time investors will have a chance to become shareholders of Matt Trippβs after the man spent 20 years as a private operator.