News Corp Australia is increasing its stake in new Australian betting operator betr and so is Matthew Tripp’s BetMakers. The company owned by the Murdoch family and ASX-listed BetMakers Technology have injected A$50 million into betr and increased their share in the up-and-coming sportsbook to almost 50 per cent.
BetMakers and News Corp Now Own 47% Each
Betr went live in October and in time for the Spring Racing Carnival. News Corp joined forces with BetMakers Technology and Las Vegas-based Tekkorp Capital to launch the exciting new bookmaker that targets bettors under 35 in Australia.
All three companies owned one-third of the new betting operator and each pitched in with A$12.5 million towards the new sports betting provider when it launched.
However, fast-forward two months, and two of the three partners are already upping the stakes in betr. Both News Corp and BetMakers have raised capital in order to increase their stakes in the new Australian bookie.
Even though the bookmaker’s ownership structure remains the same, with the latest A$50 million News Corp and BetMakers investment, the two partners now own 47 per cent of betr each. That means Tekkorp Capital is down to only 4.5 per cent.
A News Corp Discount
It is also worth noting that News Corp was allowed to purchase its shares in betr at a lower price compared to its partners when the betting operator was founded.
The Murdoch family paid A$4.5 million less than Tekkorp and BetMakers, and according to unofficial reports, the discount was due to the promotion benefits the Australian media conglomerate offers.
