Ten years ago, Betfair entered the Australasian gambling market in hopes of breaking into a lucrative industry and earn generous revenue. However, things have not gone according to plan for the UK-based operator, and the company has recently sold off its remaining ownership of Betfair Australasia to Crown Casinos. Betfair teamed up with Crown Casinos in 2004, as a joint venture to offer online betting to Australian residents.

It was a 50/50 deal that would ensure both companies contributed and earned the same amount. The parties involved had high hopes for the venture, but it fell short as Betfair Australasian struggled to be profitable in the local market. The venture has not seen substantial success, and Betfair has decided to give up its half. Crown Casinos quickly snatched up the business for $10 million.

Now, the local casino operator will manage 100% of Betfair Australasia, competing with the wide range of offshore operators that have recently entered the market. While this is a significant change for the business, many things will remain the same. For example, Betfair will continue to provide technology and support services to the online betting exchange.

There are also 160 Betfair employees that will continue to keep their jobs in light of Betfair giving up its share of the business. “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,” says Breon Corcoran, CEO of Betfair.

“This represents an extension of Betfair's B2B operations and is a new and profitable operating model for the exchange.” The deal has certainly benefited both parties. We look forward to seeing how Crown Casinos will manage the business on its own. With plenty of successful land-based properties under its belt, we expect to see some great things from Betfair Australasia in the future.

About the Author

George Anderson
Author George, has over 25+ years’ experience in the Pokies and Casinos industry throughout Australia and New Zealand. Loves to research new Pokies games on the block and follows announcements from top industry providers about their upcoming releases. As soon as a new interesting pokie game appears on his radar, George is there to check it out and give you the scoop before anyone else and tell you about all casino sites where can play the latest game. Before this gig, George worked as Pokie game tester, making him an ideal candidate for this genre of work. He is also an animal lover and a proud owner of three dogs.