BlueBet is headed into its pending takeover of betr with the wind at its back, reporting it has defied the Australian wagering industry trend by increasing turnover 12.7 per cent in the two months to the end of May.
A recent Australian Stock Exchange filing detailed that the BlueBet acquisition of NTD Pty Ltd, BetR’s parent company, remained on track for July 1, as the company experienced positive growth in its business.
While other wagering companies have reported falls in turnover, led by a drop in racing investment, BlueBet grew its turnover by 12.4 per cent compared to the same time last year, while its net win was up 11.4 per cent and net win margin at 11.5 per cent.
Bluebet also confirmed that Nigel Payne will remain on the board after the merger is complete. The board will feature Michael Sullivan as executive chair, and Matt Tripp, Ben Shaw and Tim Hughes as non-executive directors, along with Payne.
"As we near completion of our transformational proposed combination with Betr, the Board is pleased to be retaining a director of the calibre of Nigel Payne,” Sullivan said.
“Nigel brings tremendous industry experience and a global perspective to the Board, and we benefit greatly from his valuable insights and expertise.”
"It is similarly pleasing to see BlueBet continue to gain market share and outperform the Australian market.
“We expect our strong momentum to continue as we welcome the betr team in July and look forward to updating the market on our trading performance and integration progress at our Appendix 4C announcement at the end of July and full-year results in August."
As Bluebet nears its July 1 acquisition of betr, the corporate bookmaker has reported year-on-year growth in turnover and net win and confirmed the makeup of its new board.
Warwick Barr
Sullivan has upped his stake in BlueBet, securing 4.7 million in indirect shares worth a combined $1 million. Sullivan is currently the leading shareholder in BlueBet with over 83 million direct shares.
