BlueBet – soon to rebrand as Betr – raising $15M to pick up TopSport, boosting market share

BlueBet (ASX:BBT) has launched a placement to raise $15 million so it can buy TopSport, a family-owned Australian gambling company.

In turn, BBT was trading at 36cps – a +14% jump, according to Cboe live pricing data at 10.35am Sydney time.

By issuing 44 million new shares at a slight premium to its share price (as opposed to a discount), the company expects to move closer to its “10 to 15%” market share of Australia’s betting landscape and boost earnings per share across FY26 and FY27.

(Despite being called BlueBet, the company operates Betr – to which the former will rebrand all cards in order. It’s basically just another TABTouch.)

BlueBet called the M&A model ‘repeatable’ on Wednesday; Morgans acted as one broker on the deal. So too lawyers Arnold Block Leibler.

“The acquisition of TopSport materially enhances BlueBet’s profitability and scale, is highly accretive for our shareholders and brings us closer to our strategic target of 10%+ market share in Australia,” BlueBet CEO Andrew Menz explained.

“[TopSport owner] Tristan Merlehan is one of this country’s most-respected bookmakers and will further strengthen our market-leading risk and trading capability, driving margin improvement and sustainable profitability for shareholders.”

TopSport CEO Tristan Merlehan also weighed in.

“I am very proud of what we have achieved at TopSport and our customers will continue to receive the same levels of service going forward, together with the benefits of a significant uplift in their wagering experience.”

BBT last traded at 36cps.

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