Less than a year from its launch in October 2022, Betr has been sold to News Corp.
This comes after Betr was fined A$210,000 in April by regulators after receiving 14 serious breach of law notices from Liquor and Gaming NSW.
Betr's chairman, Matthew Tripp, thanked News Corp for their support, but according to the Australian Financial Review, News Corp is no longer an investor. News Corp originally invested A$70 million in Betr at its inception.
Betr is facing a payout to its customers of over A$40 million due to the 100-1 share they offered. The regulator Liquor & Gaming NSW believes that such promotions, aimed at attracting new customers using incentives, can be detrimental to the community and should only be available to registered players who have made a conscious decision to open an account.
