Betr exploring sale options after failed bid for PointsBet

Betr was fined AU$210,000 (US$142,000) for violating New South Wales’ gambling laws.
Betr was fined AU$210,000 (US$142,000) for violating New South Wales’ gambling laws.

The company has reportedly received offers from domestic and international operators.

Australia.- After its own acquisition of rival PointsBet fell through, it appears that Betr, a gambling startup backed by News Corp, will itself be sold. According to The Guardian, it has been approached by both international and domestic operators interested in buying the business.

The potential sale is being managed by corporate advisory firm Barrenjoey. The company launched with much promotion in October but was hit with a AU$210,000 (US$142,000) fine from Liquor & Gaming NSW last month for violating New South Wales’ gambling laws.

In February, the Racing Commission in the Northern Territory ordered Betr to pay AU$55,000 for sending unsolicited direct marketing communications in its first week of operation. The company was also fined AU$20,000 in December after it contacted someone on a self-exclusion register.

The company says it is assessing all opportunities to maximise shareholder value and aims to become a tier-one operator. The company has been distancing itself from News Corp, as the media groups accounts for the last six months of 2022 revealed losses of approximately AU$33m to affiliates, a portion of which was attributed to Betr. Two News Corp executives recently quit Betr’s board.

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