In a bold move on the Australian wagering landscape, NextBet has officially entered the local market through the acquisition of Brisbane-based bookmaker CrossBet, signaling a strategic push to reshape the country’s mid-tier wagering sector.
Though the financial terms of the acquisition have not been disclosed, NextBet describes the CrossBet buyout as the first step in an “ambitious M&A strategy” aimed at rolling up smaller, undercapitalised operators under a unified brand.
CrossBet, founded in 2020 and licensed by the Northern Territory Racing Commission, has built a reputation in racing (thoroughbreds, greyhounds, harness) while also offering betting markets across AFL, NRL, cricket, and international events. Its platform is powered by BetMakers, with features such as live race streaming, fast bet placement, and a mobile-friendly interface.
NextBet has appointed Scott Cross, the founder of CrossBet, as Executive Director of the new combined entity. He will oversee the Australian operations and spearhead further expansion efforts.
In announcing the acquisition, Cross commented, “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.”
NextBet has indicated it is already in advanced talks with several additional acquisition targets and expects further deals in the coming quarters.
The timing of NextBet’s entry comes amid a wave of consolidation in Australia’s wagering sector. Rising compliance costs, increasing regulatory scrutiny, and a tightening of margins have put pressure on smaller operators to either scale up or exit.
NextBet points to the recent valuation of PointsBet (at approximately A$419 million) as evidence that the market rewards scaled, tech-enabled operators executing with discipline.
By focusing on the “tier-two” segment — operators below the major incumbents like Tabcorp, Sportsbet, or Ladbrokes/Neds — NextBet aims to avoid direct head-to-head battles while building a scaled, efficient platform.
According to industry sources, CrossBet was previously rumoured to be engaged in talks with PlayUp for a possible M&A tie-up. That suggests this acquisition was not entirely unexpected within wagering sector circles.
For Australian punters, the NextBet/CrossBet consolidation may translate into new product offerings, promotional campaigns, and possibly improved platform features if NextBet executes well. It also raises the prospect of further shakeups across smaller operators as the consolidation trend accelerates.
For the industry, the move underscores the notion that scale and operational efficiency are becoming prerequisites for survival in a market with increasing regulatory and compliance demands. NextBet’s strategy will be closely watched as a possible blueprint for mid-market consolidation.
