Seven West Media has announced that it is making a “strategic” investment in daily fantasy sports operator Draftstars.
Australia.- Seven West Media, owner of the largest multi-platform broadcasting business in Australia, has announced that it is making a “strategic” investment in daily fantasy sports operator Draftstars.
Draftstars launched in April the first foray into the Australian market by a US company. DraftDay released DraftStars in partnership with CrownBet and Fox Sports. After the transaction is completed, Seven West Media will own 33 percent of the joint venture.
“We are delighted to partner with CrownBet and Fox Sports in Draftstars. Our investment builds on our strategy of leveraging the power of our media assets to scale early stage businesses,” said Tim Worner, managing director and CEO of Seven West Media. “Draftstars is an exciting investment for our company and we look forward to working with them and our investment partners in driving brand awareness and engagement.”
Draftstars is licensed and regulated by the Northern Territory, one of Australia’s states with a more liberal political attitude towards gambling, as DFS is deemed as gambling under Australian law. The Seven West investment rationale goes well beyond the gambling aspect of the Draftstars business.
“Seven West Media is constantly looking at ways in which we can engage our large sports audiences on mobile,” explained Clive Dickens, Seven West Media’s chief digital officer. “Draftstars will soon launch EPL and Cricket to complement its existing range of highly-engaging contests across AFL, NRL, NFL and NBA. It is a highly scalable, mobile product and platform that is backed by powerful partners, each of which provide strong competitive advantages.”