News Corp-backed gambling startup Betr for sale after record $210,000 fine last month
The News Corp-backed gambling startup Betr is up for sale, less than a year after its launch and following a record $210,000 fine from regulators last month.
The company, which launched with an aggressive promotional campaign in October, has been approached by multiple potential buyers after discussions around its potential acquisition of rival PointsBet fell through.
A Betr spokesperson said in a statement to the Australian Financial Review on Thursday that it had been approached by “a number of international and domestic operators seeking to acquire the business”.
“We assess all opportunities with the aim of maximising value for shareholders. Our primary focus remains identifying and executing opportunities to further our ambition to be a tier-one operator,” the spokesperson said.
The incoming solicitations are being managed by corporate advisory and financial services firm Barrenjoey, which Betr had previously engaged to handle other strategic matters for the company, including negotiations regarding PointsBet.
PointsBet announced last week that those takeover negotiations had been called off.
Betr was issued with 14 separate infringement notices by Liquor and Gaming NSW in April for what the regulator said were “significant breaches of the law” when the company offered gamblers hugely inflated returns on every horse in the Melbourne Cup if they bet less than $10, and similar inducements on other horse races, as well as AFL and NRL games.
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The campaign saturated affiliated newspapers, radio and television stations when the company launched in October.
A Betr spokesperson said at the time the company did not believe it
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