The betr brand will live on with parent company BlueBet Holdings opting to adopt the name as its consumer identity in Australia.
BlueBet technically took over betr on June 30 this year in what has been described as a transformational merger. It is in the process of transferring all of betr’s customers onto its proprietary technical platform.
However, all BlueBet and betr customers will now come under the betr brand after a decision based on what it said was “extensive research and testing with existing customers and the wider wagering market”.
It said that research confirmed “significant overall awareness of betr and the strength of its youthful, dynamic and sports-focussed brand positioning”
“These elements are critical in retaining and monetising the large recreational customer base acquired by the Company as part of the merger.”
Betr will launch a new app in the coming weeks, while all other customer verticals will feature its branding.
“The launch of betr as our consumer brand identity in Australia marks the beginning of a new era for our customers, people and shareholders,” BlueBet CEO Andrew Menz said.
“Betr’s extraordinary launch campaign generated strong brand recognition and positive sentiment from Australian punters.”
Bluebet Holdings will remain the parent company, and the company will still be listed on the Australian Stock Exchange as BBT.
“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,” Menz said.
Bren O’Brien
“The single brand strategy will enable us to unlock revenue synergies in addition to the $14 million in annual cost synergies that will be realised by the end of this calendar year, providing a clear pathway to sustainable and profitable growth.”
Betr, which initially had investment from media behemoth Newscorp, made a significant splash in the Australian market in the spring of 2022, with a series of promotions driving massive acquisitions.
Those strategies drew the ire of state-based regulators, with Liquor & Gaming NSW finding the company had breached advertising laws in that state.
The regulator issued 14 penalty infringement notices totalling $210,000, which betr elected to pay.
Its future has been the subject of conjecture over the past 18 months before it was confirmed earlier this year it would merge with BlueBet, uniting two major figures in Australian corporate bookmaking history, Michael Sullivan and Matt Tripp.
Bren O’Brien
The board of the new company is currently chaired by Sullivan, with Tripp to take over in January.
Menz, who shares a long association with Tripp, is the CEO.
BlueBet shares remained at 20c at the close of business on Wednesday, giving it a market capitalisation of $115 million.
