Reports out of Australia suggest that Crown Resorts is about to buy the remaining 50 per cent of online betting exchange Betfair’s Australian business.
Fairfax Media has said that Crown’s owner James Packer is keen to secure the remaining 50 per cent share as it would give them total control of the Tasmanian-registered book making licence. Whilst Betfair’s model focuses on peer-to-peer betting where odds are not restricted by bookmakers, Crown would be keen to push into the fixed odds market.
It is understood that British operator Betfair could be persuaded to offload its Australian business because it has so far been less profitable than it envisaged. Last year, ending April 30, Betfair saw revenue increase by 8.6 per cent to A$54.9m however the $1.6m loss in was Betfair’s sixth loss in seven years. Its overall loss in Australia currently stands at A$47.3m.