The global betting newcomer NextBet has made its official entry into the Australian market by acquiring CrossBet, marking a significant beginning in its ambitious initiative to transform the mid-tier wagering landscape in the country.
This acquisition grants NextBet an immediate presence in Australia, capitalizing on CrossBet’s strong brand recognition as one of the leading bookmakers with deep roots in horse racing and expanding engagement in major sports like AFL and cricket.
Scott Cross, the founder of the Brisbane-based CrossBet, will take on the role of Executive Director, overseeing NextBet’s Australian operations. He noted that the company’s approach marries consolidation with innovation.
«The establishment of NextBet lays the groundwork for rapid scaling through a bold merger and acquisition strategy while also investing in proprietary technologies to cater to the evolving wagering market,» Cross mentioned.
NextBet targets expansion in Australia post CrossBet acquisition
NextBet’s strategy focuses on acquiring smaller, undercapitalized firms and integrating them into a singular brand to enhance operations, boost efficiency, and provide a more customized experience for customers.
The firm cited PointsBet Holdings Limited’s valuation of $419 million as evidence that the market tends to reward new betting operators capable of merging scale with tech-driven solutions.
To foster its growth, NextBet is actively looking for strategic investors. «Funds will be directed towards accelerating acquisitions, improving platform functionalities, and reinforcing NextBet’s status as the primary consolidator in the Australian sector,» Cross stated.
Conversations with various potential acquisition targets are already in progress, with NextBet anticipated to announce additional partnerships in the near future. The company’s long-term ambition is to address what it identifies as an «emerging leadership gap» in Australia’s tier two betting arena.
In addition to conventional wagering, NextBet identifies substantial growth potential in the Australian esports betting market, offering betting options on top games like League of Legends, Dota 2, CS2, and Overwatch 2.
The acquisition of CrossBet is merely the starting point for NextBet. With a strategy aimed at aggressive consolidation and substantial technological investment, the operator is set to embark on its mission to become a significant contender in Australia’s swiftly evolving gambling sector.
