Lisa Cheban | 25 May, 2023 11:09 | Last update on: 25 May, 2023 11:09
Less than a year after its launch in Australia, Betr, a relatively new Online Casino sports betting company, is available for sale. This comes barely weeks after the New South Wales regulator fined the News Corp-backed company AU$ 210,000 ($142,000). The regulator issued Betr 14 penalty infringements, specifically for breaking advertisement laws.
Note that Betr has been operational in the Asian country for less than a year. The company launched in October 2022, with Tripp terming the launch as “symbolic.” It was a joint venture between Tripp, News Corp, and Las Vegas Group, serving as an online bookmaker for racing and sporting events. It’s alleged that News Corp invested AU$ 49 million ($33 million) into the venture.
Reports suggest several local and international operators have already lined up bids to acquire the promising start-up. On Thursday, Betr’s spokesperson told the Australian Financial Review: “We assess all opportunities with the aim of maximising value for shareholders. Our primary focus remains identifying and executing opportunities to further our ambition to be a tier-one operator.”
The selling announcement comes after the potential acquisition of rival sports betting brand PointsBet didn’t materialize as expected. The corporate consultancy and financial services company, Barrenjoey, which Betr had previously hired to handle various strategic matters, including agreements about the PointsBet buyout, will manage incoming bids. PointsBet recently announced an end to takeover negotiations with Betr.
Liquor and Gaming NSW recently fined Betr for offering bettors inflated odds on horses in the Melbourne Cup if they wager less than $10. The company faced similar accusation on other horse racing events, as well as AFL and NRL games. The NWS regulator said the sports betting company had committed “significant breaches of the law” and issued 14 separate infringement notices.
When the business began operations in October, the campaign was widespread on affiliate newspapers, radios, and television stations. At the time, Betr stated that the company did not believe it had broken any laws and urged the state authority to clarify the gambling industry’s instructions. The overall fine of $210,000 is the highest for a gambling company in New South Wales.
Days before the official launch, Betr was fined $75,000 by the Northern Territory Racing Commission, a body that regulates most Australian online gambling companies. This was due to “serious” violations of the responsible gambling code, including sending unwanted and targeted messages to a man on a self-exclusion register.
News Corp attributes some of its $33m in losses for the last six months of 2022 to Betr. Two of News Corp’s executives recently resigned from the board at Betr, continuing the company’s recent trend of distancing itself from Betr.