A new betting and gaming operator, NextBet, has officially launched in the Australian market, marking its entry with the strategic acquisition of the Brisbane-based bookmaker, CrossBet.
This deal represents the inaugural step in what NextBet has described as an “ambitious M&A strategy” aimed at consolidating a significant portion of the country’s tier-two gambling market.
The newly formed entity is explicitly positioning itself as a challenger brand with the stated goal of eventually dominating the tier-two sector.
The leadership of the new venture will be helmed by a familiar face; Scott Cross, who founded the eponymous CrossBet in 2020, will now lead the merged company as its Executive Director.
CrossBet, which operates on the BetMakers platform, has a particular focus on the racing market but also offers a range of other sports.
While the financial terms of the acquisition were not disclosed, NextBet’s announcement referenced the recent high-value takeover of PointsBet by Mixi, suggesting that the market rewards “scaled, tech-enabled operators with focused execution.” This indicates a clear strategy to grow through acquiring and integrating smaller, undercapitalised operators.
Scott Cross commented on the formation of the new brand and its forward-looking strategy.
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.
In its strategic vision outline, NextBet added that it may be close to announcing further acquisition targets in the near future.
The company’s objective is to “roll up undercapitalised lower-tier operators,” signaling that the CrossBet deal is the first of many anticipated moves as NextBet aims to build a powerful new presence in the Australian wagering landscape.
