News Corp progresses with Tripp partnership for sports betting bookmaker launch
News Corp Australia is currently finalising a consortium plan to launch the company into the sports betting market. It will partner with gambling entrepreneur Matthew Tripp, the former boss of BetEasy who is believed to have been selected as Chief Executive of the new firm. However, sources suggest that discussions are still ongoing and a fully completed deal is not necessarily a certainty.
Working for over a year on this project, Rupert Murdoch’s news and media company, News Corp, has engaged in negotiations with several possible wagering industry joint venture partnerships. Following talks, the company has settled on an equity partnership with a group of investors who are associated with Matthew Tripp, as well as the Las Vegas-based online gambling investors and capital advisors, Tekkorp.
Tripp is considered one of Australia’s most successful bookmakers, having established Sportsbet (followed by BetEasy) in 2014 before selling it to a Canadian gambling company, The Stars Group.
This venture is believed to be News Corp’s new major revenue stream in a bid to offset the decline in traditional print media. It is felt that the potential reach of the media company, which includes the Herald Sun and Daily Telegraphy, plus 60% ownership of Foxtel, could prove hugely beneficial.
News Corp-owned The Wall Street Journal has hinted that a consortium announcement regarding the new company is set for this week. However, it is believed the terms of the agreement are still in negotiation. The report suggests that BetMakers Technology, in which Tripp holds a $25m stake as of last year, will be the technology providers for the new business.
This development follows closely behind talks with US media group, Fox Corp, about the rights to use the FOX Bet brand for this latest business project. Despite this, it is expected that a new name will be launched rather than use the FOX Bet brand.