BlueBet puts trading halt on shares ahead of “material acquisition”
Australian operator reportedly set to raise A$15m to fund the acquisition of New South Wales-based bookmaker TopSport
BlueBet has placed halt on the trading of on its ASX-listed shares after Australian media reported the firm is raising A$15m (£7.5m) to acquire TopSport.
As per the Australian Financial Review (AFR), the operator is raising the eight-figure sum via an institutional placement priced at 34 cents per share to fund the deal.
In a market statement released today, 4 February 2025, the ASX said it had placed a halt on trading, “pending it releasing an announcement”.
The statement read: “Unless [the] ASX decides otherwise, the securities will remain in trading halt until the commencement of normal trading on Wednesday 5 February 2025, or when the announcement is released to the market.”
In an attached appendix to the ASX announcement, BlueBet CFO Darren Holley detailed that the trading suspension relates to a “material acquisition and equity capital raising transaction”.
As per TopSport’s website, the operator is the registered trading name of Merlehan Bookmaking Pty Ltd, based out of New South Wales.
The business, which purports to be “wholly Australian-owned”, is run by directors Lloyd and Tristan Merlehan. The online platform launched in the early 2000s.
TopSport is regulated by Liquor & Gaming NSW and received a A$60,000 fine from the body in August 2021 over illegal gambling ads.
TopSport’s website also claims to be “Australia’s fairest and friendliest bookmaker”, with an insistence on not limiting customers.
The site states: “At TopSport, we do not exclude or limit ‘winning’ punters – a policy which has been widely embraced by professional punters in particular.
“We offer low-margin and promotional products to all our members without discriminating on the basis of their success or profitability.
“We offer high minimum bet limits on both racing and sport, including limits significantly above the prescribed minimum bet limits on various meetings and venues each week.”
Merlehan Bookmaking Pty also operates greyhound betting site BetDogs.com.au. The AFR’s report did not disclose if the brand would be included in any transaction.
BlueBet merged with fellow Australian challenger brand Betr last summer, with the operator disclosing its fiscal Q2 2024-25 results in late January.
Turnover amounted to A$357m, up 131% year on year, while net win soared 142% to A$39.2m.