BlueBet secures $9.4 million TopSport acquisition
Deal News | Feb 06, 2025 | EIN
BlueBet has finalized an acquisition deal with TopSport, a Queensland-based bookmaker, for AUD 15 million ($9.4 million). This strategic move aligns with BlueBet's objective of capturing a substantial share of the Australian wagering market. The agreement encompasses TopSport's customer base, brand, intellectual property, key contracts, and selected employees. Notably, TopSport CEO Tristan Merlehan will join BlueBet as the chief trading officer. The initial payment of AUD 10 million is divided between cash and new BlueBet shares, with additional payouts contingent on stock performance and net gaming revenue benchmarks. Scheduled to close in April 2025, this acquisition aims to enhance BlueBet's profitability and accelerate its market consolidation strategy. The deal highlights BlueBet's commitment to inorganic growth through mergers and acquisitions.
Sectors
- Sports Betting and Wagering
- Mergers and Acquisitions
Geography
- Australia – The acquisition and subsequent business expansion primarily focus on the Australian market, where both BlueBet and TopSport are operating.
Industry
- Sports Betting and Wagering – The article discusses an acquisition deal in the sports betting sector, with BlueBet acquiring TopSport to enhance its market share in Australia.
- Mergers and Acquisitions – The acquisition signifies a strategic M&A move by BlueBet to expand its footprint in the Australian wagering market.
Financials
- AUD 15 million ($9.4 million) – Total deal price for the acquisition of TopSport by BlueBet.
- AUD 10 million – Initial payment composed of 70% cash and 30% in new BlueBet shares.
- AUD 198 million ($124.4 million) – Reported turnover of TopSport in the first half of the financial year 2025.
- AUD 11.8 million – Net win reported by TopSport in the first half of the financial year 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BlueBet | Acquirer | Company | BlueBet is an Australian wagering company seeking to expand its market presence through strategic acquisitions. |
| TopSport | Target Company | Company | TopSport is a Queensland-based bookmaker founded in 1998, acquired by BlueBet. |
| Tristan Merlehan | CEO of TopSport / Incoming Chief Trading Officer at BlueBet | Person | Tristan Merlehan will join BlueBet as the Chief Trading Officer following the acquisition. |
| Andrew Menz | CEO of BlueBet | Person | Andrew Menz is the CEO of BlueBet, overseeing the company's strategic growth plan. |