Betr’s Journey: From Aggressive Growth to Potential Sale
Betr, a wagering group supported by News Corporation, is now up for sale following recent inbound interest.
Launched last year, the company, chaired by Matthew Tripp, had been actively pursuing expansion and even considered acquiring PointsBet.
However, last week, the ASX-listed group announced that it had halted negotiations with Betr.
Reports suggest that PointsBet’s asking price was higher than what potential buyers were willing to pay.
Barrenjoey Spearheads Betr’s Sales Process
Barrenjoey, initially hired by Betr to raise funds for a possible acquisition of PointsBet, is now reaching out to interested parties as part of Betr’s sales process.
A Betr spokesperson stated, “Given our unprecedented launch and continuing momentum, we have been approached by several international and domestic operators seeking to acquire the business.”
Betr’s Ambitions and Origins
Betr’s primary focus remains identifying and executing opportunities to become a tier 1 operator.
The company was founded in 2022 in a three-way partnership between News Corp, Matt Tripp, and a Las Vegas consortium.
Serving as an online bookmaker for racing and sports events, Betr drew significant attention when News Corp invested $49 million into the business.
Betr’s Controversial Launch and News Corp’s Withdrawal
Betr’s launch involved advertising a $100-1 Melbourne Cup market, which resulted in a $210,000 fine from Liquor and Gaming NSW for allegedly violating anti-inducement regulations.
Following a series of adverse developments, News Corp started distancing itself from the venture, with its US leadership stating it would not invest additional funds in Betr.
PointsBet’s M&A Focus Shifts to North American Arm
In an exciting twist, Betr had previously offered $220 million for ASX-listed PointsBet but withdrew from negotiations.
As a result, discussions between the two companies ended in April, around the same time that PointsBet’s other suitors, Tabcorp and Entain, also backed out.
PointsBet has since appointed Moelis & Co to expedite the sale of its North American business, replacing Flagstaff Partners, who managed the Australian process.