pays US$9.3 mln for full ownership of Betfair Australasia
- 13th August 2014
Crown Resorts Ltd on Wednesday announced that is has
acquired the 50 percent of Betfair Australasia Pty
Ltd that it did not already own. The casino operator
is paying AUD10 million (US$9.3 million) for Betfair
Group Plcs equity interest, it said in a filing
to the Australian Securities Exchange Ltd.
Australasia operates an online betting exchange platform
in Australia providing international online sports
company was formed in 2004 as a 50-50 joint venture
between Crown and Betfair Group.
chaired by Australian billionaire James Packer, is
a partner in Macau casino operator Melco Crown Entertainment
a result of the transaction, Crown now owns 100 percent
of Betfair Australasia, the company said in
the statement. Betfair Group will continue to
provide technology and support services to Betfair
Australasia, it added.
August last year, Australias broadcasting regulator
banned live-odds advertising during sports matches
held in Australia, including in domestic television
broadcasts of such live matches. The move included
a prohibition on promoting betting odds during play,
and for half an hour before and after the game.