BlueBet (ASX: $BBT) Placement Completion Announcement

BlueBet Holdings Ltd (BlueBet) (ASX: $BBT) has successfully completed a fully underwritten two-tranche conditional placement to raise approximately $20.0 million. The placement, announced on Thursday, 11 April 2024, was well received by institutions and sophisticated investors, with demand exceeding the available shares. The funds raised will support operational and strategic growth initiatives of the Combined Business, including a migration/promotional allowance to maximize customer engagement on the BlueBet platform pre-Spring Racing Carnival and during the AFL/NRL finals, and to reactivate betr's large, recreational base.

Executive Commentary on Equity Raising

We are delighted with the strong support shown by both existing and new shareholders for the Placement, which highlights the attractive fundamentals of the Proposed Merger. The Placement will allow us to fund operational and strategic growth initiatives of the Combined Business, including a migration/promotional allowance to maximize customer engagement on the BlueBet platform pre-Spring Racing Carnival and during the AFL/NRL finals, and support the reactivation of betr's large, recreational base. The support shown for the Equity Raising is a strong endorsement of the Proposed Merger. The funds raised, together with the scale and profitability achieved from the Proposed Merger, will set the Combined Business up for its next phase of growth through migration, into the Spring Racing Carnival and beyond.

Summary of BlueBet (ASX: $BBT) Placement Completion

BlueBet Holdings Ltd (ASX: $BBT) has successfully completed a fully underwritten two-tranche conditional placement, raising approximately $20.0 million. The Placement attracted strong interest from institutions and sophisticated investors, reflecting the attractive fundamentals of the Proposed Merger. The funds raised will support operational and strategic growth initiatives of the Combined Business, including a migration/promotional allowance to maximize customer engagement on the BlueBet platform pre-Spring Racing Carnival and during the AFL/NRL finals, and to reactivate betr's large, recreational base. The Placement involved the issuance of 95.2 million new fully paid ordinary shares to professional, sophisticated, and institutional investors. The Placement was conducted at $0.21 per share, representing discounts to the Company's last traded share price and VWAP. BlueBet expects ASX to lift the trading halt of its shares today. Further details on the Placement are available in the Investor Presentation lodged on ASX on 11 April 2024.