BlueBet Holdings is pleased to announce it has entered into a binding Asset Sale Agreement to acquire Betr wagering business, which will deliver to BlueBet increased scale and market share, significant operational synergies and platform.

Completion of the Proposed Merger (Completion) is subject to a number of conditions precedent (outlined below).In addition, BlueBet is undertaking a fully underwritten two-tranche conditional placement to raise gross proceeds of approximately $20.0 million (the Placement) at $0.21 per share to fund operational and strategic growth initiatives of the Combined Business and one-off synergy realisation and transaction costs (Equity Raising).

BlueBet’s Executive Chairman, Michael Sullivan, said: “This is a transformational moment for BlueBet, bringing together our best-in-class technology platform with betr’s large and high- quality customer base to create a national challenger in the online wagering market. The betr team is fully aligned with this vision, and we are excited by the growth opportunities and synergies that will be unlocked through the Proposed Merger of our two businesses.”betr’s Founder, Matthew Tripp, said: 

“Today is a significant day for betr and a major step towards achieving our ambition to be a Tier 1 wagering operator. The combination of our joint scale and the BlueBet technology platform is extremely powerful. What excites me most is the deep experience and highly-complementary skillsets of the combined team which sets us up well for the next phase of growth.”