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Arnold Bloch Leibler (ABL) has assisted online betting firm Betr as it merged with ASX lister BlueBet in an effort to compete with more established Australian-based betting sites. Betr is co-owned by YouTube influencer and professional boxer Jake Paul.
Under the terms of the proposed deal, BlueBet will take over Betr’s betting operations in return for Betr’s shareholders receiving approximately 56.9% of the BlueBet shares issued prior to BlueBet’s $20m capital raising.
Corporate and M&A Christine Fleer headed up the ABL team working.
Betr claims to be the world's first micro-betting focused app.
BlueBet is an Australian publicly listed company (ASX:BBT) with offices in Darwin and Sydney and operates under a Northern Territory Gambling Licence.
Executive Chairman Michael Sullivan has been one of Australia's leading bookmakers for over thirty years.
“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”, Fleer said.
The deal remains subject to a series of closing conditions, including the support of BlueBet shareholders. BlueBet has “unanimously” recommended shareholders vote in favour of the merger, saying it will create material value.
BlueBet anticipated the deal to close by July 1.
- Aaron Goldstein, Gambling911.com
