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BlueBet Acquires TopSport Via Binding Asset Agreement
BlueBet has acquired TopSport for AU$10 million ($6.27 million), securing its customer database, brand, IP, and key contracts from Merlehan Booking Pty Ltd

ASX-listed global online wagering provider and sportsbook BlueBet has officially announced its acquisition of TopSport through a binding asset sale agreement.
This news marks a significant move expected to strengthen BlueBet’s position in the Australian wagering market. At the end of August 2024, BlueBet announced its plan to exit the U.S. market and exclusively focus on expanding in Australia.
BlueBet to Grab Up to 15% of the Australian Market
The deal, valued at an upfront AU$10 million ($6.27 million), includes key TopSport assets such as its customer database, brand, intellectual property, and material contracts owned by parent company Merlehan Booking Pty Ltd.
The acquisition is expected to propel BlueBet towards its goal of capturing between 10% and 15% of the Australian market.
The deal’s financial structure consists of AU$7 million ($4.39 million) in cash and AU$3 million ($1.88 million) in BlueBet shares.
Additional earnout payments totaling up to AU$5 million ($3.13 million) will be based on the net gaming revenue generated from TopSport customers over the next three years.
To fund the strategic move, BlueBet decided to issue roughly 44.1 million shares valued at 34 cents each, raising AU$15 million ($9.42 million) in capital.
The transaction is currently pending regulatory approvals and is anticipated to close by April.
As part of the acquisition, TopSport chief executive officer Tristan Merlehan will join BlueBet as chief trading officer, becoming a key member of its executive team.
Merlehan: “BlueBet Was the Clear Choice”
Commenting on the transaction, BlueBet’s chief executive officer, Andrew Menz, called it “a blueprint for further M&A” that will deliver “a high conversion of net gaming revenue to EBITDA.”
Menz also highlighted the acquisition would have significant effects on profit and scaling, becoming a particularly appealing opportunity for shareholders.
TopSport’s customer base also proved to be valuable. Over the past year, 33% of its net wins originated from users who had previously placed their bets via Betr, the brand that merged with BlueBet last summer.
The figure highlights a lower rate of customer cannibalization and a strong preference for sports betting over racing.
Confident in the newly inked deal, CEO Merlehan explained they conducted a comprehensive search process for the ideal partner, “and BlueBet was the clear choice.”
Merlehan went on to comment on BlueBet’s “recent and long-term record in successful customer migrations and scaling wagering businesses”, which he called “unrivaled.”
This acquisition follows BlueBet’s decision to temporarily halt trading on the ASX earlier this week in anticipation of the announcement.
After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
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