BlueBet to Rebrand as Betr After Merger
BlueBet Holdings will adopt the Betr name and branding for its Australian consumer-facing operations following its merger with the group.
The company stated that this unified brand strategy will enhance the combined entity’s presence in the Australian market and unlock new revenue synergies.
The rebrand will be gradually introduced over the coming weeks as part of the integration and customer migration process after the merger’s completion in July 2024. BlueBet Holdings will remain the operating company and continue trading on the ASX under the ticker BBT.
The decision to rebrand follows extensive research and testing with current customers and the broader wagering market, which confirmed strong overall awareness of the Betr brand—founded by gaming pioneer Matt Tripp.
BlueBet emphasized that the rebrand aligns with its inorganic growth strategy aimed at increasing market share in the Australian wagering sector.
CEO Andrew Menz commented
“The launch of Betr as our consumer brand identity in Australia marks the start of a new chapter for our customers, team, and shareholders. Betr’s impactful launch campaign has already driven strong brand recognition and positive sentiment among Australian punters.
“This single-brand approach will help us unlock revenue synergies alongside the AU$14 million in annual cost savings expected by the end of this year, providing a clear path to sustainable and profitable growth.”
BlueBet targets AU$14 million in cost synergies
BlueBet previously highlighted that the merger would benefit both companies by delivering significantly increased scale and market share. At the time of the merger, Betr had 341,000 open accounts and 112,000 active players, compared to BlueBet’s 6,700 active customers.
In its Q4 financial report in July, BlueBet outlined AU$11 million in annualized cost synergies targeted for FY2025, rising to AU$14 million beyond that. These savings include AU$7.5 million in technology, AU$3 million in labor, and AU$1.3 million in compliance costs. One-off expenses to achieve these synergies are estimated at AU$4 million.
The business expects to reach EBITDA profitability in the first half of FY2025 and maintain profitability through the full financial year.