Betr and BlueBet set to shake-up wagering market with a merger

Matt Tripp’s company, Betr, is gearing up for its debut on the ASX as it readies to finalise an all-scrip merger agreement with Michael Sullivan’s BlueBet.

Initially supported by News Corp, Betr is now under the ownership of a group of investors led by Tripp, a prominent figure in the industry renowned for establishing and selling numerous major online bookmaker ventures. Despite Tripp’s successful track record, Betr has faced challenges with its technology platform, occasionally lagging behind the rapid expansion of the business.

BlueBet’s shares have neem halted from trading on Thursday morning indicating an imminent merger. The company confirmed that an announcement regarding a merger and equity capital raising transaction was forthcoming.

With a market capitalization of $50 million, BlueBet has enlisted the advisory services of Ord Minnett for this transaction, while Betr has engaged Barrenjoey. BlueBet recorded a turnover of $536.6 million in the last fiscal year, whereas Betr’s turnover, estimated to be around $2 billion according to racing sources, was reported earlier this year by the Financial Review. In the first half of the 2024 financial year, BlueBet reported a turnover of $319 million and boasted 71,789 active customers. Sources have indicated that Andrew Menz, Betr’s chief executive, is slated to assume the role of chief executive in the merged entity.