BlueBet has acquired Queensland bookmaker TopSport in a deal worth AUD 15 million ($9.4 million). The acquisition includes TopSport’s customer base, brand, intellectual property, and key contracts, along with selected employees, including CEO Tristan Merlehan, who joins BlueBet’s executive team as chief trading officer.
Under the deal, BlueBet will pay an initial AUD 10 million, comprising 70% cash and 30% in new, ordinary shares in BlueBet. The agreement also includes potential further payments, contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.
BlueBet CEO Andrew Menz said that the purchase brings the company closer to its goal of capturing 10-15% of the Australian wagering market. Subject to certain closing conditions and approvals, the deal is expected to be completed in April 2025.
“The acquisition of TopSport materially enhances BlueBet’s profitability and scale. It is highly accretive for our shareholders and brings us closer to our strategic target in Australia,” he said.
Menz emphasized that inorganic growth remains central to BlueBet’s strategy, with a strong focus on mergers and acquisitions (M&A) as part of the company’s plans to further consolidate the Australian wagering market.
TopSport CEO Tristan Merlehan noted that the sale to BlueBet followed a comprehensive selection process to identify the best partner and that BlueBet was “the clear choice.”
“BlueBet’s recent and long-term record in successful customer migrations and scaling wagering businesses is unrivaled in this market, and I am pleased to play a key role in its bright future as we grow our share of the Australian wagering market,” he said.
TopSport, founded in 1998, reported a turnover of AUD 198 million ($124.4 million) and a net win of AUD 11.8 million in the first half of financial year 2025. The company follows a model and overall philosophy of taking on high-volume, low-margin punters.
Original article: https://www.yogonet.com/international/news/2025/02/06/94283-bluebet-eyeing-australian-market-expansion-with-94-million-topsport-acquisition
