BlueBet's acquisition and equity raising announcement

BlueBet Holdings Ltd (ASX: $BBT) has entered into a binding Asset Sale Agreement to acquire betr's wagering business, subject to regulatory and shareholder approvals. The acquisition aims to create a leading Australian online wagering company, with the Combined Business expecting to reach monthly EBITDA profitability in 1H FY25 and be EBITDA profitable in FY25. Additionally, BlueBet is undertaking a fully underwritten $20.0 million Placement to fund operational and strategic growth initiatives of the Combined Business and one-off synergy realization and transaction costs.

Executive commentary on the merger and equity raising

BlueBet's Executive Chairman, Michael Sullivan, expressed, '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.' betr's Founder, Matthew Tripp, added, '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.'

Summary of BlueBet's acquisition and equity raising

BlueBet (ASX: $BBT) has announced the acquisition of betr's wagering business, subject to regulatory and shareholder approvals, aiming to create a leading Australian online wagering company. The Combined Business expects to reach monthly EBITDA profitability in 1H FY25 and be EBITDA profitable in FY25. The acquisition is anticipated to provide significant operational synergies and a platform for further growth. BlueBet is also undertaking a fully underwritten $20.0 million Placement to fund operational and strategic growth initiatives of the Combined Business and one-off synergy realization and transaction costs. The company's Executive Chairman, Michael Sullivan, highlighted the transformational nature of the merger, while betr's Founder, Matthew Tripp, expressed optimism about the combined team's potential for growth.