Betr Looks to Buy Australian Holdings of PointsBet

PointsBet owns almost 4 percent of U.S. market share. By disposing of its Australian companies it can concentrate on building up the American marketplace.

Betr Looks to Buy Australian Holdings of PointsBet

Gambling group PointsBet is considering selling its Australian business to News-Corp-backed wagering startup Betr.

PointsBet hails from Australia—Melbourne, to get specific. But it could sell off its homeland business to concentrate on its U.S. business, if the price were right.

“PointsBet confirms that it is currently in discussions with [the] owners and operators of Australian wagering operator Betr, regarding a potential transaction involving the sale of its Australian trading business,” PointsBet said in a statement to Sydney Morning Herald.

But the aforementioned statement does not mean a deal is imminent, if at all.

Entrepreneur Matthew Tripp runs Betr along with Andrew Menz, a former executive of BetEasy, a gambling site built by Tripp. News-Corp Australia owns Betr, along with Tekkorp Capital and BetMakers Technology Group.

PointsBet rejected an initial bid earlier this year, an offer believed to be in the neighborhood of $220 million to $300 million.

If the latest move proves successful, Betr would pick up about 232,000 Australian customers.

PointsBet ranks as the seventh-largest operator in America’s $13 billion sports betting market, with a 3.7 percent share. PointsBet considers North America as having the potential to be the largest market in the world because of not only population but it’s a market for nationwide sports.