BlueBet adopts Betr as a brand after merger

BlueBet says the strategy of a single brand will increase the profile and revenue synergies within the Australian marketplace.

Rebranding will take place in the next few weeks, as part of an integration process and migration of customers following completion of the merger by July 2024. BlueBet Holdings, the group’s operating entity, will continue to be traded on ASX under BBT.

BlueBet stated that the new brand is the result of research conducted with customers as well as the larger wagering industry. The results confirmed that Betr was well-known, having been founded by Matt Tripp.

The company said that the new brand is in line with the focus it has on using its organic growth strategy to grow its market share.

BlueBet’s chief executive Andrew Menz stated: “The launch and adoption of Betr in Australia as the consumer brand identity marks a new beginning for our people, our shareholders, and our customers.” Betr’s remarkable launch campaign has generated strong brand awareness and positive sentiment among Australian punters.

The single-brand strategy allows us to achieve revenue synergies, in addition to $14m of annual cost synergies which will be realized by the end this year. This provides a path to profitable and sustainable growth.”

Bluebet aims to save AU$14 million through cost synergies

BlueBet had previously stated that the transaction would be beneficial to both companies via “significantly enhanced” scale and an increased market share. Betr’s database at that time included 341,000 active accounts, 112,000 open ones and over 6,700 customers.

BlueBet announced its Q4 results in July and stated that AU$11m annualised synergies were identified for FY2025. The cost synergies included AU$7.5m in technology, AU$3m for labour and AU$1.3m for compliance. Estimated one-off cost to realize synergies is AU$4m.

In the first half FY2025, it is expected that EBITDA will be profitable. The business will be EBITDA-profitable in the same year.