Betfair, owned by James Packer’s casino and hotel group Crown Resorts, is forming a joint venture with corporate bookmaker BetEasy to take on sports betting.
The new business combines BetEasy’s sports book business with that of Crown’s 100% owned subsidiary Betfair. The new business will be joint owned with 67% by Crown and 33% by BetEasy.
The combination of a global integrated resort company and an online wagering company reinforces BetEasy’s position as the only major Australian-owned corporate bookmaker operating in this country.
BetEasy is currently Australia’s fastest growing bookmaker with more than 110,000 newly-registered customers to date in the 2015 financial year.
BetEasy was recently announced as the exclusive wagering partner of the AFL for the next five years.
James Packer says the venture will help build an Australian-owned business which can compete strongly with the largely foreign-owned competitors.
“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,” Packer said.
“We will continue to develop our technology to create a more enjoyable and cutting-edge wagering experience.”
In August 2014, Crown acquired the remaining 50% of Betfair, giving it 100% ownership.
Crown shares were trading 1.4% down to $12.62.