These two up and coming Australian betting companies will merge to compete with the big players in the betting space.
👉 Background: BlueBet is an online betting platform that launched in 2015 and listed on the ASX in 2021, while Betr is the newer kid on the block - having only launched in October 2022.
👉 What happened: These two up and coming Australian betting companies will merge to compete with the big players in the betting space.
👉 What else: BlueBet has been looking for a way to get more customers, particularly those under the age of 35. And Betr has been looking for its own back-end system, propelling the two to merge and support each others needs.
💡Market consolidation is when companies within a specific industry merge with or acquire others, leading to a smaller number of companies in the market overall.
💡Many betting companies have been struggling as discretionary spending declines. Betting taxes have also increased in Queensland, and will soon be increasing in NSW and Victoria too. This has a significant impact on the profit margins of betting companies.
💡It’s becoming harder for challenger betting agencies to become profitable by themselves, thanks to tough competition, taxes, and regulation. Merging with competitors is becoming the best way to compete with the bigger players.
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