Betfair Australia swallowed up by BetEasy JV

Betfair Australia swallowed up by BetEasy JV

Wednesday, December 17, 2014 Totally Gaming

Betfair Australia looks to be finally disappearing from the nation’s gambling sector after the launch of a joint venture between its owner and rival sports book BetEasy.

James Packer’s casino and hotel group Crown Resorts completed the 100 per cent takeover of Betfair Australia from Betfair Group in August 2014, and the sports book business will now offer its customers the opportunity to transfer to BetEasy. 

Betfair Australia started in 2005 when it won a licence in Tasmania, but a ban on betting exchanges in Western Australia in 2007 led to the company taking legal action at the High Court of Australia, where it was successful in 2008.

However, the venture has been far from successful, regularly posting annual losses and 50 per cent of its business was valued at just AUS$10m ($8.2m/€6.6m) when Crown completed its takeover four months ago.

In contrast, BetEasy has had a hugely successful first year, having attracted 110,000 members since launching in March 2014. Earlier this month it signed a five-year partnership as the off of the Australian Football League (AFL). 

The new joint venture will be led by BetEasy chief executive Matt Tripp, although Crown holds a controlling 67 per cent stake. Betfair Australia’s exchange business will continue to offer its range of global exchange markets to customers.

Crown chairman James Packer said: “This exciting new venture will help build an Australian-owned business that can compete strongly with the largely foreign-owned competitors in our wagering industry.

“Matt Tripp and his team have proven they have the experience and ability to build and operate a world-class business.

“By leveraging the combined assets of Crown and BetEasy, we will be able to provide significant benefits and opportunities for our existing and future customers. We will continue to develop our technology to create a more enjoyable and cutting-edge wagering experience.”

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