BlueBet to operate under Betr banner in Australia after April merger
Rebrand decision made following extensive research, with new app to be released in next few weeks and Betr customers migrated over to BlueBet’s proprietary tech platform
The newly combined BlueBet and Betr business will officially adopt the Betr branding and name for its Australian operations following “extensive research and testing”.
BlueBet acquired Betr via an asset purchase in April, with Betr shareholders issued around 265.4 million fully paid ordinary shares which equated to 56.9% of BlueBet’s stock.
The two operators announced at the time the combined businesses will operate off of BlueBet’s proprietary technology stack and that the combined group will become a single brand after an internal review.
Following extensive research and testing among existing customers and the wider Australian market, the business said there was a “significant overall awareness of Betr”.
Bosses noted these elements were “critical in retaining and monetising the large recreational customer base” that the Betr business brought into the wider company following the acquisition.
When the deal was announced, Betr boasted 341,000 open customer accounts and 112,000 active customers compared to BlueBet’s 67,000-strong active customer base.
Over the coming weeks, Betr will be introduced across all customer-facing touchpoints, including a new app which the firm has promised has “the fastest and easiest wagering experience in the Australian market”.
Betr’s customer database will be migrated onto BlueBet’s platform, with the group saying the move to a single brand will optimise marketing spend and allow for further reinvestment to drive revenue growth.
The transition comes as Betr boss Andrew Menz was named CEO of the combined business in April, with BlueBet CEO Bill Richmond now serving as COO.
BlueBet Holdings Limited will remain the operating entity and parent company for Betr, with the business’ shares on the ASX will continue to trade under the ticker BBT.
BlueBet CEO Menz said: “The launch of Betr as our consumer brand identity in Australia marks the beginning of a new era for our customers, people and shareholders.
“Betr’s extraordinary launch campaign generated strong brand recognition and positive sentiment from Australian punters.
“Our market-leading technology will provide us with the platform to deliver a world-class wagering experience, driving greater engagement and monetisation of our customer base.
“The single brand strategy will enable us to unlock revenue synergies in addition to the A$14m in annual cost synergies that will be realised by the end of this calendar year, providing a clear pathway to sustainable and profitable growth,” he added.
BlueBet’s stock was down 2.4% to A$0.20 at the time of writing; the morning of Wednesday 14 August.