Report: Betr Australia set for regulatory investigation
News Corp-backed online wagering group Betr Australia set to be investigated after a print ad campaign may have broken advertising laws in New South Wales
Betr Australia is set to be investigated by Liquor & Gaming NSW following a print advert in News Corp’s tabloid newspapers offering 100-1 odds for bets up to A$10 (£5.54) on any races during the Melbourne Cup.
According to The Australian Financial Review, less than a week after launching, Betr will have around 30 of its newspaper adverts investigated for possible breaches.
Betr is a new venture from industry veteran Matt Tripp and former BetEasy executive Andrew Menz and launched last week ahead of the Everest Carnival and Caulfield Cup, which are two of the biggest horseracing events held in Australia each year.
The firm is also backed by News Corp, which owns a number of publications in Australia, and is the controlling shareholder of pay TV giant Foxtel, Las Vegas-based investment firm Tekkorp and ASX-listed tech company BetMakers.
In a statement provided to the publication, the regulator said: “Liquor & Gaming NSW has serious concerns that this advertising may constitute a prohibited inducement under NSW gambling laws.”
According to NSW’s gambling regulations, print promotions must not be considered an “inducement” to readers.
The regulator added: “Broadly speaking, Liquor & Gaming NSW considers that an inducement includes any offer that may be capable of persuading or encouraging a person to participate, or to participate frequently, in any gambling activity, including to open a betting account.”
When approached for comment by the Financial Review, Betr and News Corp did not respond.
If found to have breached the rules, Betr could face a maximum fine of up to A$110,000 (£60,940) for each public ad or prosecution in court.
This news comes as Betr closes in on acquiring a wagering licence in Western Australia, which is reportedly worth A$1bn. The announcement is expected later this month.
This would allow Betr to take bets at Western Australia’s retail betting outlets as well as taking bets at racetracks and online.
Three major private equity firms, Apollo Global Management, Washington H. Soul Pattinson and Blackstone are offering financial assistance to Betr to assist in it obtaining the licence.
This is the Murdoch Family’s first Australian sports betting venture following on from the launch of its Fox Bet in 2019 in the US.
The sportsbook was launched in tandem with Flutter Entertainment but has seen its presence in the US fail to take off.
In March, Lachlan Murdoch said he was “disappointed with the rollout of Fox Bet”, noting that Flutter was too focused on its FanDuel brand.