Over the last decade, the popularity of sports betting has grown exponentially. With the introduction of mobile betting options, more sports fans and gamblers engaged in placing wagers on their favorite teams. Not unexpectedly, the global sports betting market is only set to grow further and expand, which helped draw in new operators.
Betr is an online bookmaker that offers wagers for sports and racing events that was founded last year. The gambling startup, backed by News Corp, entered the blooming sports betting vertical and confirmed its plans to grow significantly.
Recently, Betr was even in talks for acquiring PointsBet. However, late last month, the company confirmed that the negotiations for a potential acquisition fell through the cracks. Now, in an interesting turn of events, Betr may be up for sale, a spokesperson for the company revealed when interviewed Thursday by the Australian Financial Review.
“We assess all opportunities with the aim of maximizing value for shareholders,“
said a spokesperson for Betr
The spokesperson explained that the company is currently evaluating all options that can help maximize the value for its shareholders. Additionally, they explained: “Our primary focus remains identifying and executing opportunities to further our ambition to be a tier 1 operator.”
More importantly, Betr’s spokesperson acknowledged that in light of the company’s positive momentum and launch, different operators showed interest in acquiring the business. Reportedly, international, as well as domestic operators showed interest in the acquisition of Betr.
“Given our unprecedented launch and continuing momentum, we have been approached by a number of international and domestic operators seeking to acquire the business,“
explained Betr’s spokesperson
Recently the Company Received a Record Fine
The latest announcement comes after only recently, Betr was hit with a six-figure fine of AU$210,000 ($142,365) from the gambling regulator in New South Wales (NSW), Liquor & Gaming NSW. The fine came after the regulator uncovered a breach in the advertising regulations of the operator.
The breach dated back to last year, when Betr offered 100-1 odds for the Melbourne Cup. The operator rejected the claim that it has breached the regulations and said that its promotion was in line with the rules described by Liquor & Gaming NSW. The fine represented a record penalty issued against an operator from the gambling regulator.
Jerome García
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