Betfair sells stake in Australian venture to Crown

Betfair Bet FairiGaming Business – Betfair has sold its 50% stake in Betfair Australia to casino operator Crown Resorts, the online gaming company’s partner in the joint venture.

Formed in 2004 by Betfair and Crown, Betfair Australia offers various services to players in the Australasia region.

Earlier this year, iGaming Business reported that Crown was set to complete a buy-out of the business.

Under the now-confirmed agreement, Betfair will continue to provide Crown with its betting exchange in Australasia under a new business-to-business model.

The online gambling firm will also receive a share of revenues generated by the change in markets within the region.

Customers of Betfair and Crown will also continue to benefit from pooled liquidity arrangements.

FULL STORY

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