Acquisition vehicle (AV) NextBet has announced its launch in the Australian market following the acquisition of CrossBet.
NextBet will set to acquire mid-market operators Down Under as it positions itself to become a tier-two consolidator.
The AV has announced its first major acquisition since formation in the form of operator CrossBet.
NextBet said the CrossBet acquisition “marks the first step in a bold plan to build Australia’s next dominant tier-two wagering group under a united brand”.
Upon formation, NextBet has also named Scott Cross, founding director of CrossBet, as the group’s executive director moving forward.
CrossBet first launched in the Australian market in 2018 with Cross at the helm.
Regarding NextBet’s formation, Cross said: “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.”
NextBet added that it is on the lookout for new investors as it enters the next phase of its growth strategy.
The group is seeking future stakeholders who “share its vision for reshaping the mid-market wagering landscape”.
Investments will be used to fund further M&A pursuits, with NextBet already in advanced discussions with several additional acquisition targets, expecting to announce further transactions in the coming quarters.
NextBet also cited the market valuation for Australian operator PointsBet as a reference for its business model.
PointsBet itself was subject to a takeover from Japanese conglomerate MIXI, following a protracted takeover tug-of-war with Betr.
NextBet added: “The current A$419m valuation for PointsBet confirms that the market rewards scaled, tech-enabled operators with focused execution.
“NextBet’s model builds on this blueprint, designed to fill the emerging leadership void in the tier-two segment with an advanced offering custom built for modern wagering dynamics.”
The post Australia-facing NextBet launches as a tier-two consolidator first appeared on EGR Intel.
Acquisition vehicle debuts with CrossBet takeover, with Scott Cross named as the challenger firm’s executive director
The post Australia-facing NextBet launches as a tier-two consolidator first appeared on EGR Intel.