London, UK - 26th September 2025 - A new online bookmaker, NextBet, has officially launched in the crowded Australian betting market with a clear and aggressive mission: to act as a market consolidator. The company has made its foundational move by acquiring the Brisbane-based wagering brand, CrossBet, and has signalled its intent to pursue an “ambitious M&A strategy.”
The new venture is being led by Scott Cross, the founder of CrossBet, who will now serve as Executive Director of the new, scaled-up entity. The launch of NextBet is a direct response to the immense pressures facing smaller operators in the Australian betting market.
The Australian wagering market has become notoriously difficult for smaller companies. Rising compliance costs, high taxes, and fierce competition from global giants have squeezed the margins of many independent and tier-two operators. NextBet’s M&A strategy is designed to capitalise on this dynamic by acquiring these smaller competitors and rolling them up under a single, more efficient brand.
“ 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,” Scott Cross stated. The company aims to fill what it calls an “emerging leadership void” in the tier-two segment.
The acquisition of CrossBet provides NextBet with a solid operational base from day one. Launched in 2020, CrossBet is a well-regarded online bookmaker licensed by the Northern Territory Racing Commission. It has a strong focus on horse racing and operates on the established and powerful BetMakers technology platform.
NextBet’s M&A strategy is a bold play in the dynamic Australian betting market. The company has confirmed it is already in “advanced talks” with several other potential acquisition targets and is actively seeking strategic investment to “accelerate acquisitions.”
For the fragmented world of tier-two operators in the Australian wagering market, the launch of a dedicated market consolidator like NextBet could be a game-changer. It offers a potential exit path for some owners, while creating a formidable new and scaled-up competitor for those that remain.
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