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.. While BlueBet, which has been listed on the bourse since 2021, has a smaller business than Betr, it has a significantly better technology platform.
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, thereported 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.