Betfair Australia owner takes controlling stake in BetEasy joint venture

Australian entertainment group Crown Resorts, which owns Betfair Australia, has entered into a new joint venture agreement with online betting company BetEasy.

The venture will see BetEasy’s sportsbook business combined with the sportsbook offering of Betfair Australia, a Crown subsidiary that is 100 per cent-owned by the entertainment group.

Crown will be the majority owner of the joint venture with a 67 per cent stake, with the existing BetEasy owners taking 33 per cent.

As part of the agreement, the BetEasy team, led by chief executive officer Matthew Tripp, will serve as the management team for the joint venture.

Betfair sportsbook customers will have the opportunity to transfer to BetEasy, and the companies said that opportunities are being developed for customers of both companies to benefit from the services offered by Crown and BetEasy.

In a statement, both companies said the joint venture would reinforce BetEasy’s position as the only major Australian-owned corporate bookmaker operating in the country.

“This exciting new venture will help build an Australian-owned business that can compete strongly with the largely foreign-owned competitors in our wagering industry,” Crown chairman James Packer said.

"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.

“We will continue to develop our technology to create a more enjoyable and cutting-edge wagering experience."

BetEasy’s Tripp added: “It is our firm objective to provide Australians with the best online wagering experience this country has ever seen.”

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