Australian land based resort firm Crown Resorts has announced that it has fully acquired Betfair Australasia for a reported A$10 million.
Crown Resorts had previously been splitting an operation with Betfair for the past ten years, but decided to take over the company's 50% stake as a way to expand the business.
Betfair Australasia took a net loss of A$1.8 million last year.
Commenting on the deal Betfair CEO Breon Corcoran said, "We are pleased to have signed a long term agreement that facilitates Betfair’s continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence. This represents an extension of Betfair’s B2B operations and is a new and profitable operating model for the exchange.”
A company statement expanded on those thoughts, noting: “Betfair has concurrently entered into an agreement with Crown to continue to provide its betting exchange in Australasia under a B2B model and will receive a share of revenues generated by the exchange in those markets. Under the agreement, customers of Betfair and Crown will continue to benefit from pooled liquidity arrangements.”