NextBet acquires CrossBet to launch in Australia
NextBet has outlined its objectives of dominating tier-two gambling in Australia, and will now launch with the acquisition of Brisbane-based CrossBet.
Key points:
– NextBet has bought CrossBet for an undisclosed amount
– The operator has laid out its ‘ambitious M&A strategy’
– More acquisitions are reportedly at an advanced stage
New betting and gaming operator NextBet has launched in Australia with the acquisition of Brisbane-based bookie, CrossBet.
This step is the first stage in what NextBet has announced as an ‘ambitious M&A strategy.’
The operator’s stated aim is to target and eventually dominate the tier-two gambling market in Australia, meaning the company is explicitly positioning itself at this stage as a challenger brand.
Scott Cross set up the eponymous CrossBet in 2020 and has served as Founding Director – he will now lead from the front of this new merged entity as Executive Director.
The acquisition announcement does not disclose the financials of the deal, but it does cite the recent takeover of PointsBet by Mixi, suggesting that the $419m valuation suggests a market that rewards ‘scaled, tech-enable operators with focused execution’.
Good to know: There had been recent reports and rumours in some quarters that CrossBet was in advanced talks to be acquired by Daniel Simic’s PlayUp
Cross himself has commented: “The formation of NextBet creates the foundation to scale rapidly through an ambitious M&A strategy, while investing in proprietary capabilities to meet the demands of a changing wagering market.”
CrossBet uses the BetMakers platform and has a particular leaning towards racing, though it offers markets in other sports as well.
NextBet added in its strategic vision outline that the company may be close to announcing further acquisition targets in the near future, referring to its objective to: “roll up undercapitalised lower-tier operators.”
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