Following the merger with the group, BlueBet Holdings will adopt the name and brand of Betr for its operations targeting Australian consumers. BlueBet Holdings Ltd provides sports and racing betting services in Australia.
BlueBet states that a single brand strategy will enhance the post-merger entity's image in the Australian market and achieve revenue synergies.
After the merger is completed in July 2024, as part of the integration and customer migration process, the brand repositioning will be launched in the coming weeks. The group indicates that BlueBet Holdings will still be the operating entity and will continue to trade on the Australian Securities Exchange under the name BBT.
BlueBet states that this brand repositioning is the result of extensive research and testing with existing customers and the broader betting market. This confirms the widespread recognition of Betr, founded by betting pioneer Matt Tripp.
The company states that this brand repositioning aligns with its focus on using inorganic growth strategies to increase its share in the Australian betting market.
BlueBet CEO Andrew Menz states: "The launch of Betr as our consumer brand in Australia marks a new era for our customers, employees, and shareholders. Betr's extraordinary launch event has achieved strong brand recognition and positive sentiment among Australian gamblers.
"The single brand strategy will enable us to unlock revenue synergies, and additionally, achieve annual cost synergies of $14 million by the end of this year, providing a clear path for sustainable profit growth."
Bluebet aims to achieve cost synergies of 14 million Australian dollars
BlueBet previously stated that this transaction will benefit both companies by "significantly" expanding scale and increasing market share. At that time, Betr's database contained 341,000 open accounts and 112,000 active players, while BlueBet had more than 6,700 active customers.
When announcing its fourth-quarter financial results in July, BlueBet identified annual cost synergies for the 2025 fiscal year of 11 million Australian dollars, in addition to 14 million Australian dollars in synergies. This includes 7.5 million Australian dollars in technology, 3 million in labor, and 1.3 million in compliance. The one-time cost of achieving cost synergies is estimated at 4 million Australian dollars.
The business is expected to achieve EBITDA profitability in the first half of the 2025 fiscal year. The business will also achieve EBITDA profitability in the same fiscal year.
