Betfair Australasia was the company created by the world's biggest betting exchange to serve the Australian and Asiatic market, which was created together with the Australia-based Crown Resort Ltd.
Crown Resorts now announced that they will no longer be a 50% shareholder in the betting company, but that they instead acquired the last 50% of the company to take complete control over it. The deal is worth around AUD$10 Million or equal to $9.3 million and is a major deal in the Asiatic market.
Betfair and Crown Resorts has been working together in the project since 2004, where the project saw the day of light as a joint-venture project. But Crown wanted to do things differently and decided to buy up the remaining shares to ensure that they could run the company as they wished and continue to experience growth.
Crown Resorts Ltd is owned by billionaire James Packer, who is trying to take over the gambling industry, buying up online gaming companies as well as trying to purchase hotels across the states and in Las Vegas.
“As a result of the transaction, Crown now owns 100 percent of Betfair Australasia,” Betfair Groupd said in a statement. “Betfair Group will continue to provide technology and support services to Betfair Australasia,” They added.