BlueBet to adopt Betr brand following merger
BlueBet said the single brand strategy will boost the combined entity’s profile within the Australian market and unlock revenue synergies.
The rebrand will be rolled out in the coming weeks as part of the integration and customer migration process following the completion of the merger in July 2024. The group said BlueBet Holdings will remain the operating entity and will continue to trade on ASX as BBT.
BlueBet said the rebrand comes as a result of extensive research and testing with existing customers and the wider wagering market. This confirmed significant overall awareness of Betr, which was founded by gaming pioneer Matt Tripp.
It said the rebrand fits with its focus on leveraging its inorganic growth strategy to increase its share of the Australian wagering market.
BlueBet chief executive Andrew Menz said: “The launch of Betr as our consumer brand identity in Australia marks the beginning of a new era for our customers, people and shareholders. Betr’s extraordinary launch campaign generated strong brand recognition and positive sentiment from Australian punters.
“The single brand strategy will enable us to unlock revenue synergies in addition to the $14m in annual cost synergies that will be realised by the end of this calendar year, providing a clear pathway to sustainable and profitable growth.”
Bluebet targets AU$14m in cost synergies
BlueBet previously said the deal would benefit both businesses via “significantly” enhanced scale and increased market share. Betr had a database of 341,000 open accounts and 112,000 active players at the time, while BlueBet had over 6,700 active customers.
In announcing its Q4 financials in July, BlueBet said that AU$11m of annualised cost synergies had been identified for FY2025 and AU$14m beyond that. These included AU$7.5m within technology, AU$3m on labour and AU$1.3m on compliance. The estimated one-off costs to achieve cost synergies would be AU$4m.
The business is set to reach EBITDA profitability in the first half of FY2025. It will also be EBITDA profitable in the same financial year.