A fresh competitor has joined Australia’s tough betting industry. NextBet has begun its operations by buying CrossBet, a bookie based in Brisbane. This purchase kicks off its plan to bring together mid-sized operators and become a top challenger brand.
NextBet Buys CrossBet as First Step in Creating Tier-Two Betting Giant
The firm, created to benefit from growing pressure on smaller bookies and ongoing mergers, is focusing on the country’s second-tier betting sector. By uniting cash-strapped operators under one name, NextBet plans to grow and boost its standing in a market that mergers and buyouts are shaping more and more.
CrossBet, established in 2020, has made its mark in the Australian racing world. The Northern Territory Racing Commission licenses this platform, which allows betting on thoroughbreds, greyhounds, and harness racing. It also covers popular sports like AFL, NRL, and cricket. BetMakers Technology powers the platform, which boasts live streaming, quick bet options, and a design that puts mobile users first. CrossBet has built a dedicated group of bettors by focusing on competitive odds and tools to promote responsible gambling.
Scott Cross, who started CrossBet, is now going to be the Executive Director at NextBet. He called the launch a strategic reset, explaining that the new setup gives them a base to grow through buying other companies. This growth is supported by their own tools that are built to meet what customers want as things change.
Market Trends Help NextBet’s Drive to Become Top Mid-Level Operator in Australia
NextBet plans to grow by buying smaller bookmakers that are having a hard time with rules and tough competition. By bringing these brands together, the company wants to make things run smoother, work better, and give high-value customers an experience that stands out from the rest.
The business is also looking for outside funding to power this growth. They plan to use the money raised to buy more companies and upgrade their tech platform. The company’s leaders think this plan will help NextBet become the main consolidator in Australia’s mid-market.
Signs from the industry seem to back up this approach. The AUD419 million ($274 million) value of PointsBet Holdings Limited shows that companies that can mix size, tech, and careful execution get rewarded by the market. NextBet wants to copy this model at the Tier Two level, trying to fill what it sees as a growing gap in leadership.
NextBet has started serious talks with several companies that it might buy and plans to announce more deals soon. With CrossBet giving it a strong start and a clear plan to grow, the company is betting that joining forces with others and coming up with new tech ideas will help it become a big player in Australia’s betting world.