News Corp sells stake in Betr
The decision comes after Betr was fined by Liquor & Gaming NSW for breaching gambling laws.
Australia.- News Corp has chosen to divest its AU$70m stake in Betr. The company launched with much promotion in October but was hit with an AU$210,000 (US$142,000) fine from Liquor & Gaming NSW in April0.
The regulator issued 14 infringement notices against Betr, citing “significant breaches of the law.” The company’s promotional tactics, particularly its 100-1 offer, came under scrutiny as these promotions reached people who had not opted to open betting accounts.
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 last December after it contacted someone on a self-exclusion register.
According to the Australian Financial Review, Betr chairman Matthew Tripp said News Corp had provided “initial and ongoing support” but was no longer an investor.
News Corp disclosed AU$72m in losses linked to its investment in an annual financial report. Two senior executives who had joined Betr’s board, Mark Reinke and Peter Blunden, stepped down in March.
