Australian gaming operator BlueBet said it remains focused on its potential acquisition of PointsBet after completing its deal for TopSport.
PointsBet, which operates in Australia and Ontario, Canada, after selling its US arm to Fanatics Betting and Gaming for US$225m, has also received an offer from Japanese company Mixi.
Both offers remain on the table, but there has been no concrete update since PointsBet rejected the terms of BlueBet’s offer – and, in reply, BlueBet attempted to dispel any shareholder doubts about its proposal.
BlueBet CEO Andrew Menz has now said, though, that the company’s engagement with PointsBet shareholders “remains overwhelmingly positive and we look forward to progressing our discussions with the PointsBet Board.”
Meanwhile, BlueBet, which recently acquired and merged with fellow Australian operator betr, has now completed the acquisition of TopSport.
The company said the move is “significantly earnings accretive” and brings betr closer to the “sweet spot” of between 10 per cent and 15 per cent market share.
BlueBet said TopSport’s customers have been “successfully” migrated onto the betr platform.
BlueBet has made a cash payment of AU$1.5m to TopSport, representing the completion payment less TopSport customer account balances, pending bets and employee entitlements.
TopSport’s chief executive officer, Tristan Merlehan, has joined BlueBet as chief trading officer.
BMenz said: “We have successfully completed the acquisition of TopSport, executing an innovative transaction structure that enabled us to migrate TopSport customers onto the betr platform prior to completion.
“This materially de-risked the transaction and ensured that all anticipated cost synergies were fully realised within just 55 days of announcing the deal, without the need to operate the TopSport brand or wagering platform during the transition.
“This outcome reflects our repeatable and scalable M&A model, underpinned by the speed and precision of our migration team. Our ability to rapidly execute on the integration and migration with no disruption to our offering remains a key competitive advantage, delivering immediate value for our shareholders.”
