Sports betting operator BlueBet Holdings Limited (BlueBet) has successfully finalised its acquisition of Merlehan Bookmaking Pty Ltd, known as TopSport. The AU$1.52 million ($949,400) deal includes cash and the issuance of 8.82 million BlueBet shares. The acquisition strengthens BlueBet’s market position and accelerates its goal of achieving a 10-15 percent market share.
Customer migration and cost efficiencies
As part of the acquisition, BlueBet migrated TopSport customers onto its betr platform before finalising the transaction. This transition involved transferring over 63 million rows of customer data, ensuring a seamless experience for TopSport users. The integration process allowed BlueBet to achieve AU$9 million ($5.6 million) in cost efficiencies even before the deal’s completion.
BlueBet CEO Andrew Menz said, “We have successfully completed the acquisition of TopSport, executing an innovative transaction structure that enabled us to migrate TopSport customers onto the betr platform prior to completion.”
Leadership changes and future payments
Following the acquisition, TopSport CEO Tristan Merlehan has joined BlueBet as Chief Trading Officer. The deal structure includes potential future payments and performance-based options, contingent on meeting specific milestones.
Additionally, BlueBet issued 8.82 million shares as part of the transaction. Half of these shares will be subject to a six-month escrow, while the remaining shares will be locked for twelve months, following shareholder ratification at a general meeting held on March 31, 2025.
BlueBet’s growth strategy
With the TopSport acquisition complete, BlueBet is now focused on expanding its presence in the Australian market. The company is pursuing a fully funded proposal to acquire PointsBet, a move aimed at further strengthening its market share.
“We remain engaged with PointsBet shareholders, and our discussions with the PointsBet Board are progressing positively,” BlueBet stated.
BlueBet’s market expansion
BlueBet operates under the BlueBet and betr brands, providing online sports and racing betting services in Australia and North America. The company’s recent acquisitions and strategic growth initiatives position it as a competitive player in the industry.
