betr Entertainment Limited (ASX:BBT) Completes $114.4 Million Equity Raising
Equity Raising Completion
betr Entertainment Limited (ASX:BBT) has successfully raised approximately A$114.4 million through an accelerated non-renounceable entitlement offer and placement. The equity raising was supported by both existing and new shareholders, with new shares issued at a 13.7% premium to the 10-day VWAP up to Thursday 24 April 2025.
Retail Entitlement Offer
The Retail Entitlement Offer, expected to raise around A$15.6 million, is set to open on Tuesday 6 May 2025. Eligible retail shareholders in Australia and New Zealand can take up their entitlement to new shares at the offer price of A$0.32.
Executive Comments
betr Chairman, Matthew Tripp, stated, “We are extremely pleased with the response to our proposal to acquire PointsBet and the strong support from both existing and new institutional investors who participated in our Equity Raising, which is reflected in New Shares under the Offer being issued at a premium of 6.7% to betr’s last closing price and a 13.7% premium to the 10-day VWAP. We see this strong institutional demand as an endorsement of betr’s strategy of pursuing profitable growth both organically and inorganically, and of the attractive opportunity presented by the ongoing consolidation of the Australian wagering market. Our ongoing engagement with other key shareholders of PointsBet indicates there is strong support for betr’s superior proposal. We thank investors for their support and look forward to offering retail investors the opportunity to participate in the Retail Entitlement Offer, which opens on Tuesday 6 May 2025.”
betr CEO, Andrew Menz, added, “The proposal we announced yesterday clearly demonstrates that betr and PointsBet would be stronger together and we are highly confident that our proposal offers superior value for both betr and PointsBet shareholders. It is highly accretive for betr shareholders, and with an innovative mix-and-match structure offering PointsBet shareholders flexibility and access to synergies, growth and future market consolidation. We are confident in our unique ability to unlock the significant synergy prize on offer underpinned by our tried and tested playbook as demonstrated in the BlueBet and TopSport transactions. By moving to a single brand, app and technology platform, we expect to realise over $40 million of cost synergies, enabling deeper investment in brand, product and customer intelligence to drive sustainable and profitable growth. The performance of the core betr business remains strong, with accelerating momentum as we prepare for our next exciting phase of growth. With already more than 152,000 cash active customers, this transaction would provide betr with materially enhanced scale and a clear pathway to become the #4 wagering player in the Australian market, opening further opportunities for betr shareholders.”
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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