Arnold Bloch Leibler has advised online wagering business betr on its merger with ASX-listed BlueBet.
The proposed merger will see BlueBet acquire betr’s wagering business in exchange for betr’s shareholders acquiring approximately 56.9% of the shares in BlueBet on issue before BlueBet’s $20 million capital raising.
It is a significant move that will reshape the Australian online wagering market and positions the combined entity for future growth.
Arnold Bloch Leibler provided strategic legal advice throughout the transaction process, leveraging our experience acting for entrepreneurs in the technology and online wagering sectors and both our private and public M&A expertise.
The ABL team was led by corporate and M&A partner Christine Fleer and included partner Scott Phillips, senior associate Luke Jedynak and lawyers Christopher Davis, Ryan Taylor and Ramon Callis. Taxation partner Shaun Cartoon also provided specialist tax advice and competition partner Matthew Lees provided specialist competition law advice.
As quoted in the ASX announcement, betr’s Founder, Matthew Tripp, commented: “Today is a significant day for betr and a major step towards achieving our ambition to be a Tier 1 wagering operator. The combination of our joint scale and the BlueBet technology platform is extremely powerful.”
ABL’s Christine Fleer commented on the transaction, “Congratulations to betr and BlueBet on this landmark merger. It is particularly pleasing to be part of the next stage of betr’s journey, having advised Matt and his team on multiple landmark transactions, including the establishment of betr in 2022. The combined experience of veteran bookmakers Michael Sullivan and Matthew Tripp and their respective teams in an ASX listed entity will be able to provide meaningful competition to the predominantly international owned bookmakers in Australia.”
