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BlueBet Set to Merge with Betr

April 11th 2024, 3:26pm, By: admin

In the ever-evolving Australian sports wagering landscape, it appears another merger is on the horizon with the Australian Financial Review (AFR) reporting that a merger between BlueBet and betr has now been agreed to. The merger brings together wagering heavyweights Michael Sullivan and Matt Tripp, who have headed up some of Australia's biggest online wagering operators over the past two decades.

The deal is subject to ASX-listed BlueBet shareholder approval, and it is not yet known which brand will be maintained as part of the merger, however BlueBet halted trading on Wednesday after stating that it was necessary pending an announcement about a “material acquisition” and equity capital raising transaction.

By combining their customer databases and assets, the new company will have a strong position in the Australian sports betting market. According to the AFR report, there's only 18% crossover in the two customer databases which bodes well for efficiencies and revenue projections. There's also positives on the tech side for betr, who still make use ot the Betmakers software platform, as BlueBet own all of their own technologies. This should provide a better betting experience for the existing betr customer base.

Betr previously had the backing of a number of large organisations including News Corp, but is now run by a consortium of investors, led by former CrownBet and Sportsbet CEO Matt Tripp. It was launched in October 2022 with a lot of hype over their generous $100-1 promotional offers that attracted thousands of new customers but caused heavy financial losses estimated at around $40 million for the startup.

Betr’s owner, the Tripp Group, will receive a majority of shares in BlueBet, with Betr Chief Executive, Andrew Menz to run the combined entity while BlueBet Chief Executive, Bill Richmond, will become COO.

“Matt Tripp and Michael Sullivan are the original pioneers of online wagering in this country, and this combination brings together a great mix of experience and innovation,” Betr chief executive Andrew Menz said.

“BlueBet has invested heavily in its technology, and I’m excited about what this transaction means for customers of both companies.”

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