BETFAIR GROUP PLC (\u201cBetfair\u201d) today announces that it has sold its 50% stake in Betfair Australasia Pty Limited (\u201cBetfair Australia\u201d) to joint-venture partner Crown Resorts Limited (\u201cCrown\u201d, ASX: CWN).<\/span><\/em><\/p>\n Betfair has concurrently entered into an agreement with Crown to continue to provide its betting exchange in Australasia under a B2B model and will receive a share of revenues generated by the exchange in those markets. Under the agreement, customers of Betfair and Crown will continue to benefit from pooled liquidity arrangements.<\/span><\/em><\/p>\n Betfair Australia was formed in 2004 as a 50\/50 joint venture between Crown and Betfair. Betfair received AUS$10m as consideration for its equity stake and Betfair Australia repaid Betfair\u2019s shareholder loan earlier than scheduled.<\/span><\/em><\/p>\n Commenting on the deal, Betfair Chief Executive Officer Breon Corcoran said:<\/em><\/span><\/p>\n \u201cWe are pleased to have signed a long term agreement that facilitates Betfair\u2019s continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence. This represents an extension of Betfair\u2019s B2B operations and is a new and profitable operating model for the exchange.\u201d<\/em><\/span><\/p>\n So a slightly confusing message. Betfair have exited Australia and handed the strategic reigns over to Crown, but the exchange will live on as a revenue share. It’s not clear how much say\u00a0Betfair’s management will have on it’s long term direction. But at least the exchange lives on for the moment.<\/span><\/p>\n \n![\"\"](\"https:\/\/www.naa.gov.au\/Images\/Australian%20Flag%20-%20Image_tcm16-47870.jpg\")
<\/p>\n