[AusRace] BlueBet

[L.B.Loveday]

BlueBet Taps Brokers For IPO 

 

Punters piling into Aussie wagering businesses will soon have another company on which to place their bets. Street Talk understands local bookmaker BlueBet has mandated brokers Ord Minnett and Morgans to prepare it for the ASX boards. It is understood BlueBet was targeting a listing in the first half of this year, and was expected to hit the local bourse with a market capitalisation north of $150 million. Based at Sydney’s Randwick Racecourse – home to the world’s richest turf race The Everest – BlueBet was founded in 2015 by ex-Sportingbet boss and bookmaking stalwart Michael Sullivan. Sullivan owns the bulk of BlueBet, which lets punters bet – either through its website or via apps – on the races and dogs, plus a whole bunch of sports, including American football, Aussie rules, cricket and golf. The company is understood to be profitable and generates annual revenues in the hundreds of millions of dollars. While the amount BlueBet would look to raise in the float was unclear, it is understood the fresh capital would go towards turbo-charging its growth. Ords and Morgans were gearing up to introduce BlueBet to potential investors at a roadshow pencilled in for next month. It’s a good time for BlueBet to be coming to market, as punters flood into wagering outfits such as Pointsbet – up more than 300 per cent in a year – and Betmakers – up 273 per cent in the past 12 months. There’s also a renewed interest in the gambling sector thanks to private equity/strategic interest in the wagering and gaming arm of listed giant Tabcorp. Copyright © 2021 The Australian Financial Review

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