NextBet Enters Australian Market with CrossBet Acquisition

New betting and gaming operator NextBet has made its debut in Australia by acquiring Brisbane-based bookmaker CrossBet. The deal marks the opening move in what the company has described as an “ambitious M&A strategy”.

NextBet is positioning itself as a challenger brand, with a clear focus on the tier-two gambling segment in Australia. The operator has stated that its long-term goal is to establish dominance within this space.

CrossBet was founded in 2020 by Scott Cross, who has served as Founding Director since launch. Following the acquisition, he will take up the role of Executive Director of the newly formed entity.

Although financial details of the transaction have not been disclosed, NextBet pointed to recent market activity – including the $419m sale of PointsBet to Mixi – as evidence that Australia continues to reward “scaled, tech-enabled operators with focused execution”.

Commenting on the move, Scott Cross said:

“The formation of NextBet creates the foundation to scale rapidly through an ambitious M&A strategy, while investing in proprietary capabilities to meet the demands of a changing wagering market.”

CrossBet currently operates on the BetMakers platform with a strong emphasis on racing, while also offering a wider portfolio of sports markets.

In outlining its strategic vision, NextBet suggested further acquisitions may follow soon, referencing its intention to “roll up undercapitalised lower-tier operators.”