BlueBet Launches $15M Placement to Acquire TopSport, Shares Jump 14%

2 min read | February 05, 2025 03:15 PM AEDT | By Team Kalkine Media

BlueBet Launches $15M Placement to Acquire TopSport, Shares Jump 14% — Image source: Shutterstock

Strategic Acquisition to Boost Market Share

BlueBet has issued 44 million new shares at a slight premium to its current share price—a notable move in capital raises, where discounts are more common. This decision aligns with BlueBet’s long-term strategy to expand its footprint in Australia’s $50 billion betting industry.

CEO Andrew Menz emphasized the importance of the acquisition, stating:

“The acquisition of TopSport materially enhances BlueBet’s profitability and scale, is highly accretive for our shareholders, and brings us closer to our strategic target of 10%+ market share in Australia.”

The move positions BlueBet closer to its goal of securing 10-15% of the market, with expectations that the acquisition will boost earnings per share across FY26 and FY27.

Strong Market Reaction, Shares Jump

Following the announcement, BBT shares surged 14%, reaching $0.36 in early trading.

Rebranding and Future Outlook

Despite its name, BlueBet operates Betr, a betting platform that will undergo a rebrand of all cards as part of a strategic shift. The company aims to position itself as a direct competitor to TABTouch and other major players in the Australian market.

The placement and acquisition were facilitated by investment firm Morgans and legal advisors Arnold Block Leibler.

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