REMAINING AUSTRALIAN J.V. INTERESTS OF BETFAIR SOLD
13th August, 2014 at 03:00:58
Crown Resorts buys the outstanding 50% of Betfair Australia.
Australian land gambling giant Crown Resorts has acquired full ownership of Betfair
Australasia, a joint venture with British online betting exchange Betfair formed in 2004.
Crown purchased Betfair's 50% interest in the venture this week for A$10 million.
Under the terms of the sale, Betfair will continue to provide technology and support services to the business, which generated a net loss in 2014 of A$1.8 million, according to the latest Crown numbers.
Betfair presented the sale as a switch to a business-to-business strategy, saying in a separate statement:
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.
Commenting on the deal, Betfair CEO Breon Corcoran said:
We are pleased to have signed a long term agreement that facilitates Betfair's continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence. This represents an extension of Betfair's B2B operations and is a new and profitable operating model for the exchange.
SOUTHERN CALIFORNIA I-CAFĂ‰S SHUTTERED
Police arrest two persons, seize 73 computer sets.
Police in Corvina, a city in the San Gabriel Valley of Southern California, have shuttered two internet cafĂ©s on grounds of illegal online gambling following visits to the premises of Quick Connect and Tel-Expo this week.
At Quick Connect, police officials presented manager Sheryl Duson (47) with a search warrant before arresting her and seizing 36 computer sets found on the premises.
The city police carried out a similar swoop at the Tel-Expo i-cafĂ© on the same day, seizing 37 computer sets and arresting one individual who was not named.
Covina Police Detective Ryan Balsz told local media that the investigations following complaints from the public had established that illegal online gambling in the guise of a sweepstakes business model had been on-going on the premises.
The investigation has involved the use of undercover detectives, he revealed.
Related News Tags: Expo, California, Betfair