Queensland bookmaker TopSport purchased by BlueBet in $15m deal

Queensland bookie TopSport has been purchased by BlueBet which will see further consolidation of the online wagering market.

Tristan Merlehan has sold TopSport to BlueBet in a $15m deal

There has been further consolidation in the online wagering ranks with BlueBet announcing the strategic acquisition of Queensland bookmaker TopSport.

The deal, valued at $15 million, will see BlueBet, which trades as betr, acquire key TopSport assets including its customer base, brand and intellectual property as well as material contracts valued by BlueBet and selected employees.

In announcing the deal, BlueBet CEO Andrew Menz said the purchase brings the company closer to reaching its strategic goal of boasting 10-15 per cent domestic market share.

READ: TopSport boss Q+A: ‘Significant concerns’ for wagering industry

“The acquisition of TopSport materially enhances BlueBet’s profitability and scale, is highly accretive for our shareholders and brings us closer to our strategic target of market share in Australia,” Menz said.

“Inorganic growth remains a key opportunity for BlueBet and we have a laser focus and a repeatable M&A model to drive shareholder value by further consolidating the Australian wagering market.

“This transaction is a blueprint for further M&A and delivers a high conversion of Net Gaming Revenue to EBITDA as we leverage our previous investment in our proprietary technology, brand and best-in-class management team.

“Tristan Merlehan is one of this country’s most-respected bookmakers and will further strengthen our market-leading risk and trading capability, driving margin improvement and sustainable profitability for shareholders.”

TopSport CEO Tristan Merlehan said the sale to BlueBet came following a long and thorough process.

“We conducted a thorough process to identify the best partner for TopSport and BlueBet was the clear choice,” Merlehan said.

“BlueBet’s recent and long-term record in successful customer migrations and scaling wagering businesses is unrivalled in this market, and I am pleased to play a key role in its bright future as we grow our share of the Australian wagering market.

“I am very proud of what we have achieved at TopSport and our customers will continue to receive the same levels of service going forward, together with the benefits of a significant uplift in their wagering experience.”

Since its arrival in 1998, TopSport has played a unique role within the Australian wagering landscape, adopting a model and overall philosophy of taking on high volume, low margin punters.

In the first half of financial year 2025, TopSport boasted turnover of $198 million for a net win result of $11.8 million, a 5.9 per cent winning margin.

Originally published as Queensland bookmaker TopSport purchased by BlueBet in $15m deal