betr Entertainment Launches $130 Million Capital Raise Backed by Strong Institutional Demand

Highlights:

• $130 million capital raise fully underwritten: betr Entertainment Limited (ASX: BBT) secured ~A$114.4 million from institutional investors and aims to raise an additional ~A$15.6 million through a retail offer.
• Strong investor support at a premium price: New shares priced at A$0.32 were issued at a 13.7% premium to the 10-day VWAP as of 24 April 2025, reflecting market confidence.
• Retail Entitlement Offer opens 6 May 2025: Eligible shareholders in Australia and New Zealand can participate in the A$15.6 million retail offer, which closes on 20 May 2025.

Shareholders Show Confidence in PointsBet Proposal

betr Entertainment Limited (ASX:BBT) has announced a fully underwritten equity raising of $130 million (before costs), which has received enthusiastic support from both existing and new shareholders. The move comes as betr positions itself to acquire PointsBet, aiming to become the fourth-largest wagering operator in Australia.

Institutional Component Raises $114.4 Million

At the time of writing, the institutional component of the capital raise — comprising a $53.5 million placement and a $60.9 million institutional entitlement offer — has already raised approximately $114.4 million. The placement shares are priced at A$0.32, a notable 13.7% premium to the company’s 10-day volume-weighted average price (VWAP) to 24 April 2025 and a 6.7% premium to its last closing price of A$0.30. Settlement of shares under this component is expected by 7 May 2025, with 357.6 million new fully paid ordinary shares to be issued.

Retail Offer Opens 6 May 2025

betr will open its retail entitlement offer, valued at around $15.6 million, on 6 May 2025. Retail investors in Australia and New Zealand will have the opportunity to subscribe for shares at the same offer price of A$0.32. Eligible shareholders who fully take up their entitlement can also apply for additional shares via a top-up facility.

Strategic Expansion Plans Supported by Market

Chairman Matthew Tripp described the capital raise as a strong endorsement of betr’s growth strategy, including the proposed PointsBet acquisition. CEO Andrew Menz added that the merger is expected to generate over $40 million in cost synergies and expand betr’s customer base, which already exceeds 152,000 active users.

The equity raise signals a confident step forward as betr strengthens its position in the competitive wagering market.

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