“We are always open to expansion and if there is M&A to occur, then there may be additions to the register at that time. As it stands at the moment, it’s three shareholders.”
Betr has 60 staff and has plans to expand to 120 employees, but is already attempting to scale as quickly as possible – Tripp recently bought corporate bookmaker TexBet and made an offer to acquire PointsBet. The pair is planning to spend tens of millions of dollars on advertising to the under 35s market, which Menz said is untapped by existing bookies.
“We believe we will be – certainly a tier one operator very quickly- but in time the most prominent brand in the country.”
Matthew Tripp
The Murdoch family has some experience in launching wagering outfits. As CEO of Fox Corp, Lachlan Murdoch was behind the launch of lucrative US-based bookmaker FOX Bet in the US, which profited from a ruling that effectively legalised sports betting in the country. In the UK, the Murdochs set up SunBets, a now failed joint venture wagering company, which was established with Tabcorp.
Despite the success of FOX Bet in the US, Tripp and Menz have opted for an alternative name for their product. “Fox is in a third of homes in Australia,” Tripp said. “We wanted to be a little bit broader than that.”
Irrespective of the name, betr is expected to leverage the relationship with News Corp through advertising agreements across its mastheads, cable product Foxtel and online streaming service Kayo Sports. Wagering sponsorships are valuable as they give a partner first rights to integrate into the broadcaster’s coverage of a match and on websites such as NRL.com and AFL.com. For wagering outfits, the integrations helps grow audience and revenue.
“We’d love to be in the Foxtel AFL broadcasts, but that comes down to being the AFL partner,” Menz said. “If betr was the AFL partner, you would likely see betr integrated into the Fox Footy broadcast.”
The new wagering company launches as the Spring racing season kicks into gear.Credit:Getty Images
News Corp Australia has a history of investing in media companies that complement its existing newspaper business, which includes The Australian, The Herald Sun and The Daily Telegraph, while generating new forms of revenue. It owns 100 per cent of content agency Medium Rare and has owns racing sites punters.com.au and Racenet, which derive substantial revenue by trailing commissions from bookmakers. News Corp has recently expanded its editorial team with a focus on racing and airs sports odds on key sports channels on Foxtel.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.