BETR ENTERTAINMENT LIMITED (BBT)
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03/03/2025

1

Add

$0.47

46.88%

BlueBet Holdings posted first half results that were largely in line with expectations. Morgans notes the benefit from a successful spring racing period and the migration of betr customers onto its platform.

The company has flagged a non-binding indicative offer to acquire PointsBet Holdings ((PBH)), delivering what the broker considers is a superior offer to the latter's scheme of arrangement with Japanese social gaming provider MIXI.

Beyond the $40m in identified synergies, customer crossover between the companies is less than 50%, which the broker assesses creates potential for further revenue and margin uplift. Add maintained. Target is $0.47.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.

05/05/2025

2

Outperform

-

-

Taylor Collision believes the odds of a BlueBet Holdings and PointsBet Holdings ((PBN)) combination have increased following BlueBet's purchase of a 20% stake in the latter.

This is considered a tactical move to vote down the takeover offer from Mixi.

BlueBet has addressed three concerns raised by PointsBet, raising the probability of a merger. If this happens, the broker reckons it would provide significant value to the shareholders with over 100% EPS accretion.

For now, the broker upgraded FY25 revenue estimate by 7.4% following 3Q25 update. Outperform. No target price.

FORECAST
Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.40 cents.
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.50 cents.