Crown pays US$9.3 mln for full ownership of Betfair Australasia

Crown pays US$9.3 mln for full ownership of Betfair Australasia - 13th August 2014


Crown Resorts James Packer Gaming Sports Betting Sports Business Markets Entertainment

Australia-based 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 Plc’s equity interest, it said in a filing to the Australian Securities Exchange Ltd.

Betfair Australasia operates an online betting exchange platform in Australia providing international online sports betting services.

The company was formed in 2004 as a 50-50 joint venture between Crown and Betfair Group.

Crown, chaired by Australian billionaire James Packer, is a partner in Macau casino operator Melco Crown Entertainment Ltd.

“As 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.

In August last year, Australia’s 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.