"Matt Tripp’s Betr is poised to make its way onto the ASX and is...

"Matt Tripp’s Betr is poised to make its way onto the ASX and is preparing to sign an all-scrip merger deal with Michael Sullivan’s BlueBet, Street Talk can reveal.

Betr was once backed by News Corp but is now owned by a consortium of investors headed by Tripp, a well-known industry figure who has founded then sold a number of major bookmaking businesses. However, Betr, which launched in 2022, has been hamstrung by a poor technology platform ever since it took its first bets.

The merger, which could be announced as early as tomorrow, was first flagged by The Australian Financial Review in January. While BlueBet, which has been listed on the bourse since 2021, has a smaller business than Betr, it has a significantly better technology platform. That is one reason behind the combination, sources said.

BlueBet, which has a market capitalisation of $50 million, has been advised by Ord Minnett while Betr engaged Barrenjoey for this transaction.

BlueBet’s turnover was $536.6 million in the last financial year, while Betr’s turnover, according to racing sources, is estimated to be closer to $2 billion, the Financial Review reported earlier this year. Sources said Betr’s chief executive, Andrew Menz, would emerge as the chief executive of the merged entity.

Like Tripp, Sullivan is a veteran bookmaker. He is the former chief executive of both Sportingbet Australia and William Hill Australia. Sportingbet was bought by international wagering giant William Hill for $660 million in 2013.

Tripp has held talks with other parties over the past year, and was in an exclusive negotiation period to acquire ASX-listed competitor PointsBet. PointsBet eventually sold its business in the United States to Fanatics, a deal which closed last week."