Betfair online Casino sells stake in Australian venture to Crown
Betfair sells stake in Australian venture to Crown. Betfair online casino has sold its 50% stake in Betfair Australia to casino operator Crown Resorts, the online gaming company's partner in the joint venture.
Formed as a partnership in 2004 by Betfair and Crown, Betfair Australia is now under full ownership by Crown who paid US$9.3 for the buyout.
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Although no longer in control under the new agreement Betfair will continue to provide Crown with its betting exchange services and will also receive a percentage share of revenues in exchange for offering its exchange platform. Such a business collaboration can only benefit their customers.
Betfair remains a key player in the Australian market, leveraging its renowned exchange platform. This ongoing role enables Crown to utilise Betfair's cutting-edge services while enhancing their market presence.
Such a collaborative strategy ensures continued competitiveness in a rapidly changing gaming landscape, aligning with Betfair's global operational goals.
Betfair received AUS$10 million (€7 million/$9.3 million) in return for its stake and Betfair Australia repaid Belfair’s shareholder loan earlier than anticipated.
Betfair CEO, Breon Corcoran stated:
“We are pleased to have signed a long-term agreement that facilitates Betfair's continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence.
This represents an extension of Betfair's B2B operations and is a new and profitable operating model for the exchange.”