Australia – Crown and BetEasy announce Joint VentureBy Phil - 17 December 2014
Crown Resorts and the Australian corporate bookmaker, BetEasy, have announced a Joint Venture, between the two companies.
The transaction involves the combination of BetEasy’s sports book business with the sports book business of Crown’s 100 per cent owned subsidiary, Betfair Pty.
This combination of a global Integrated Resort company and an online wagering company reinforces BetEasy’s position as the only major Australian-owned corporate bookmaker operating in this country.
BetEasy is currently Australia’s fastest growing bookmaker, with over 110,000 newly-registered customers to date in FY15, along with market-leading innovative customer interfaces and marketing promotions. BetEasy was recently announced as the exclusive wagering partner of the AFL for the next five years.
As part of the venture, the BetEasy team, led by Chief Executive Officer, Matthew Tripp, will provide a proven and experienced management team for the JV.
The JV will also see the Sports Book customers of Betfair have the opportunity to transfer to BetEasy as part of the JV. Opportunities are being developed for customers of both companies to benefit from the services offered by both Crown and BetEasy.
Crown Chairman, James Packer, said: “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.”
“Matt Tripp and his team have proven they have the experience and ability to build and operate a world-class business.”
“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 Chief Executive Officer, Matthew Tripp, added: “It is our firm objective to provide Australians with the best online wagering experience this country has ever seen.”
“James’ outstanding record in business speaks for itself and, along with his world-class team at Crown, I can’t think of a better organisation to partner with.”
In August 2014, Crown acquired the remaining 50 per cent of Betfair from Betfair Group PLC, giving it 100 per cent ownership. Crown will retain ownership and management of the Betfair Australasian exchange business which will continue to offer the full range of global exchange markets to its Australian customers, while Betfair’s fixed odds business will be owned and managed by the JV.