NextBext has acquired the Australian bookmaker CrossBet, as part of its new “M&A” expansion strategy.
The newly formed iGaming operator, NextBet, has launched in Australia and acquired the Brisbane-based bookie, CrossBet. This acquisition is part of its “ambitious M&A” strategy that includes investing in small-scale operators to solidify NextBet’s position as the “go-to consolidator in the Australian market.”
NextBet’s Crossbet acquisition is the first of many to come
Scott Cross, founder of CrossBet, will lead NextBet’s Australian iGaming venture as its executive director. As mentioned above, it’s all part of the company’s ambitious strategy, which includes acquiring lower-tier operators, improving technical efficiency, and expanding its presence in the tier-two gambling market.
“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,” Cross said at this exciting new announcement.
That’s not all. NextBet is also looking for potential investors to fuel its expansion strategy. “Investment will be used to accelerate acquisitions, enhance platform capabilities, and solidify NextBet’s position as the go-to consolidator in the Australian market.”
It’s worth noting that NextBet’s CrossBet acquisition is the first of many to come. The company plans to fill the “emerging leadership void” in the target market and is already planning its next acquisition(s).
CrossBet emerged in 2020 as a mid-tier bookmaker, focused mainly on racing events. Since then, it has expanded into major sports markets, including the AFL and Cricket.
Earlier rumors suggest that PlayUp was going to purchase CrossBet; however, that deal appears to have fallen through.
