James Packer's Crown has taken control of Betfair Australia increasing it's stake from 50% to 100% at a price of A$10 million.
The deal has huge implications for the Australian betting market and punters. The deal effectively values Betfair Australia at A$20 million.
Betfair Australia has been struggling with the turnover model adopted by racing authorities and it's venture into the Australian betting landscape hasn't been profitable for them. Nevertheless, Packer has picked up the business for a song. Ultimately things may never work out for the Betfair exchange in Australia but at the price paid it's a drop in the ocean for Crown if it goes nowhere compared to the huge potential and profits if they can make it fly.
Crown have been excellent at getting politicians and administrators onside and seeing the benefits of doing things their way.
Expect change-lots of it and don't be surprised if previous animus suddenly turns to mutual self interest after lots of arm twisting and carrot dangling.
William Hill, Ladbrokes, Bet 365 have done"their brains" so far in the Aussie market but Packer has picked up the potential "game changer" for loose change.
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