According to a report in the Wall Street Journal, the Rupert Murdoch family-controlled News Corp (NWSA) has joined a consortium that is planning to launch a sports betting platform in Australia.
The platform will be called BetR and is scheduled for launch over the next few months
News Corp joins Tekkorp Capital, BetMakers Technology, and Matthew Tripp on the venture. Tripp is well-known for his previous work with Australian betting firms SportsBet, CrownBet, and BetEasy.
The platform will be called BetR and is scheduled for launch over the next few months just in time for Australia’s horse racing season which starts at the end of August. The platform will be powered by BetMakers, an Australian wagering data and analytics company with Nevada-based Tekkorp providing the initial funding and tasked with attracting further investment.
News Corp, the owner of Dow Jones & Co., has shown a strong interest in the sports betting market over the last year. It will bring media assets to the partnership helping to promote the new brand through its many media channels.
News Corp’s interest in the sports betting market comes as no surprise as the company looks to diversify its portfolio following the sharp decline of its print media business over the last 2-3 years.
However, the company will face stiff competition in a mature Australian sports betting market. That market is currently led by Sportsbet, which holds a 50% market share and handled $15.6 billion in wagers in 2021 alone. This means that News Corp will be targeting a market with a value of around $31.2 billion.
A formal announcement on the planned launch is expected some time this week.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.