BlueBet to adopt Betr brand following merger
Date: 2024-08-14 Author: Leon Pierce Categories: EVENTS
BlueBet Holdings has decided to integrate the Betr brand into its Australian operations, which should strengthen the company’s position and deliver synergistic revenue growth.
The rebranding will be implemented in the coming weeks as part of the integration and customer migration process that commenced following the completion of the merger in July 2024. BlueBet Holdings will remain an operating company and will continue to trade on the ASX under the ticker BBT.
The company said the decision to rebrand was based on extensive research and testing with existing customers and the wider betting market. This research confirmed a high level of awareness of the Betr brand, founded by gaming pioneer Matt Tripp.
The rebranding is also in line with the company’s strategy to leverage inorganic growth to increase its share of the Australian betting market.
BlueBet CEO Andrew Mentz said: “The launch of Betr as our new consumer brand in Australia marks the beginning of a new era for our customers, employees and shareholders. Betr’s successful advertising campaign has generated significant brand recognition and a positive response from Australian players.
The single brand strategy will allow us to unlock revenue synergies, adding to the expected $14 million in annual cost synergies, which will drive sustainable and profitable growth.”
BlueBet expects $14 million in cost savings
BlueBet previously said the deal would benefit both companies through significant scale and market share gains. At the time of the merger, Betr had 341,000 registered accounts and 112,000 active players, while BlueBet had more than 6,700 active customers.
In its fourth-quarter earnings report in July, BlueBet reported $11 million in cost savings synergies for fiscal 2025, with future cost savings expected to reach $14 million. These include $7.5 million in technology, $3 million in labor, and $1.3 million in compliance. The one-time costs to realize these synergies are expected to be $4 million.
The company plans to achieve EBITDA profitability in the first half of fiscal 2025 and continue profitable growth thereafter.
