News Corp Divests Stake in Betr, Says Report

The up-and-coming betting start-up, Betr, launched its services last October with a groundbreaking promotional campaign. At the time, the company sought to establish a strong presence in the regulated gambling sector in Australia, while at the same time engaging and retaining a large customer base rapidly. Several months after its launch, Betr was hit with a fine from the gambling regulator in New South Wales, Liquor and Gaming NSW.

Now, a new report released by the Australian Financial Review, reveals that News Corp, one of the main supporters behind Betr that poured some AU$70 million ($44.5 million) into the company, is no longer among its investors. Reportedly, the deal which was not made public previously, was completed back in February. This is when News Corp reportedly ended its relationship with Betr.

According to the recent report, filings with the Australian Securities and Investments Commission were not updated early on Thursday. However, updated documents with the Commission later on that day confirmed the aforementioned change.

While News Corp is no longer among the investors of Betr, the betting start-up confirmed that it will continue its collaboration with the company. As a result, News Corp, the owner of The Daily Telegraph and The Australian, will serve as an advertising partner of Betr. Still, considering that the company is no longer among the investors, the wagering start-up will not benefit from financing anymore.

Betr to Focus on New Opportunities and Growth

Matt Tripp, the millionaire and entrepreneur behind Betr, acknowledged the past and ongoing support from News Corp. Although he said that the company continues to hold an important role for Betr, he explained that it is no longer among its investors. Tripp revealed that Betr will now focus on new opportunities, including possible mergers and acquisitions. Additionally, he spoke about the ongoing challenges of the sector.

“While they’re no longer on our register, we’re appreciative of News’ initial and ongoing support of Betr, and they remain an important partner of ours going forward. We’re now in a position where we are focused on growth and getting to scale – with our eyes fixed firmly on M&A opportunities in a market that is becoming more challenging.“

Matt Tripp, chairman at Betr

Launching its services, Betr brought an eye-catching promotion. The company released a 100-1 odds promo with a cap of AU$10 ($6,50) for several sports competitions. Now, in light of the recent NRL Grand Final, won by the Penrith Panthers, Betr had to finalize a payout of some AU$40 million ($26 million) for approximately 40,000 punters, the largest payout for a single event in Australia’s history. Addressing the payout, Tripp said that the company now has “a clean balance sheet” and focuses on upcoming events.